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Zurich faces $794 million hurricane bill

Zurich’s property and casualty business expects $US620 million ($794 million) in after-tax losses from hurricanes Harvey, Irma and Maria in the third quarter.

Aggregate claims are about $US700 million ($896 million), net of reinsurance and before tax.

The losses are not expected have a material impact on the insurer.

“While significant, these events have demonstrated the effectiveness of our underwriting and the improvements made in our reinsurance programs over the past year, which have ensured overall losses remain well within our overall risk tolerance,” Group CEO Mario Greco said.

Zurich recorded $US912 million ($1.17 billion) net income in the third quarter last year.