Thursday, August 19, 2004

BUSINESS: Swiss insurers count cost of US hurricane

Zurich - Swiss Re said claims from a deadly hurricane in Florida would cost the reinsurance giant less than $200 million and Zurich Financial Services forecast claims of $150 million.

The announcements came six days after Hurricane Charley, the worst US storm in 12 years, killed at least 20 people and wrecked thousands of homes.

"Based on preliminary estimates, it expects claims related to Hurricane Charley to be below 200 million dollars before tax," Swiss Re said in a statement, adding that the sum would not alter its full year profit forecasts.

For its part, insurance company Zurich Financial Services said the storm would cost it about $150 million in reinsurance claims.


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