April 13, 2017 / 5:16 AM / 9 months ago

Swiss Re estimates losses from Cyclone Debbie at around $350 mln

ZURICH, April 13 (Reuters) - Swiss Re, the world’s second-largest reinsurer, has estimated its claims burden from Cyclone Debbie in Australia at around $350 million, the company said on Thursday.

“Swiss Re expects Cyclone Debbie to have resulted in a higher share of large commercial and corporate losses compared to similar events in the past,” Zurich-based Swiss Re said in a statement. “The total insured market losses for wind, flood and storm surge damages are estimated to be approximately $1.3 billion.”

Reinsurers act as financial backstops for insurance companies and help them pay for large claims from hurricanes or earthquakes in exchange for part of the premiums.

Reporting by Joshua Franklin, edited by John Revill

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