Swiss Re has surprised the market with a higher than expected initial claims estimates of losses relating to Cyclone Debbie of some $350mn, net of retrocession and before tax.
The announcement provides an indication that overall mining-related losses relating to the storm for (re)insurers could be higher than originally anticipated.
Swiss Re is currently basing its estimate on overall insured losses for the market of some $1.3bn.
Debbie made landfall on 28 March 2017 as a category 4 hurricane; making...
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