Talanx expects to incur a net loss of €20 million ($30.3 million) for the third quarter, after taking a hit from hurricanes in the US and Caribbean.

The German insurer made €234 million ($354 million) net income in the corresponding quarter last year.

Its full-year net income forecast has been reduced to €650 million ($984 million) from the previous projection of €850 million.

The loss burden after reinsurance and retrocessions is more than €1.2 billion ($1.8 billion), exceeding the budget for the current financial year.

Hurricanes Harvey, Irma and Maria, plus two earthquakes in Mexico, accounted for about €900 million ($1.36 billion) of the loss burden.

The insurer also expects a poor September quarter from its industrial lines division, with a €100 million ($151 million) loss expected due to an unusual accumulation of claims.

Talanx will report its financial results next month.