Zurich Insurance sees $550 million hit from Hurricane Ian By Reuters

ZURICH (Reuters) – Zurich Insurance Group (OTC:) expects a net $550 million pre-tax hit from Hurricane Ian, it said on Thursday while reporting property and casualty premiums rose 8% to $33.5 billion in the first nine months, a gain of 13% on a like-for-like basis.

Europe’s fifth-largest insurer said life insurance new business annual premium equivalent (APE) fell 6% but rose 2% on a like-for-like basis that adjusts for currency movements, acquisitions and disposals.

Zurich’s Swiss Solvency Test (SST) capital ratio was estimated at 252% as of Sept. 30.