Zurich: hurricane costs estimated at 700 million dollars.

(CercleFinance.com) - Zurich estimates net claims related to hurricanes Harvey, Irma and Maria which struck last month will represent 700 million dollars, the Swiss insurer said on Thursday.


This amount - which will impact the group's property & casualty division, is net of reinsurance and before tax, Zurich said. After tax, the losses are expected to be around 620 million dollars, it added.

Zurich stated that final loss assessment will take time to complete due to the nature of the events.

Even so, the losses are not expected to have a material impact on the group's overall financial strength and capital flexibility, it said.

Consequently, the Zurich stock was up 0.7% at 294.3 Swiss francs in early trading today.

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