October 18, 2018 / 6:50 AM / 7 months ago

Swiss Re says third-quarter claims large but nine-month claims in line with expectations

FILE PHOTO: The logo of the world's second largest reinsurer Swiss Re is seen outside the company's offices in Zurich, Switzerland, February 23, 2018. REUTERS/Moritz Hager

FRANKFURT (Reuters) - Reinsurer Swiss Re (SRENH.S) on Thursday said that third-quarter claims losses are large for an individual quarter but that cumulative losses for the first nine months of 2018 were broadly in line with expectations.

Natural catastrophes, dominated by a typhoon in Japan, resulted in preliminary claims of $1.1 billion (£839.7 million) in the third quarter, Swiss Re said.

Man-made disasters, like the collapse of a bridge in Italy’s Genoa, resulted in an additional $300 million in claims.

“The cumulate losses for the first nine months are broadly in line with year-to-date expectations,” the company said.

Swiss Re cautioned that the estimates were subject to a “higher than usual degree of uncertainty” as the claims process continues.

Swiss Re is due to publish quarterly financial results on Nov. 1.

Reporting by Tom Sims; Editing by Maria Sheahan

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