Hurricanes, earthquakes estimated to cost industry $95B
By Associated Press
Oct 20, 2017 3:39 AM CDT
FILE - This Sept. 21, 2017 file photo shows the damaged home of Ashley Toledo's mother in the aftermath of Hurricane Maria, in Punta Diamante, Puerto Rico. Authorities warned that people in wooden or flimsy homes should find safe shelter before Maria's expected arrival. "You have to evacuate. Otherwise,...   (Associated Press)

GENEVA (AP) — Swiss Re, one of the world's biggest reinsurers, estimates that Hurricanes Harvey, Irma and Maria, plus two recent earthquakes in Mexico will cost the industry about $95 billion.

The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, says the claims process is ongoing and estimates could evolve.

Swiss Re expects its own payouts linked to the natural disasters will be about $3.6 billion, including $175 million for the Mexico earthquakes alone.

A company statement Friday didn't break down the costs by hurricane. Swiss Re didn't immediately respond to a call and an e-mail from The Associated Press seeking an elaboration.

CEO Christian Mumenthaler called the catastrophes "extremely powerful" and said Swiss Re "can support our clients when they need us most."