The company said the losses were a result of numerous weather events like the typhoons in Japan as well as Hurricane Florence.
Insurance giant AIG said it expects to report between $1.5 billion and $1.7 billion in pre-tax catastrophe losses for the third quarter.
The company said the losses were a result of numerous weather events like the typhoons in Japan as well as Hurricane Florence. AIG said its currently projecting between $900 million and $1 billion in losses related to events in Japan and Asia and between $600 million and $700 million for North America.
For the fourth quarter, AIG said its initial loss projections related to Hurricane Michael were between $300 million and $500 million.
AIG also said it has “exhausted approximately $700 million of the $750 million retention under its North America aggregate catastrophe reinsurance program following the California mudslides, Hurricane Florence and assuming the high end of the loss estimate range for Hurricane Michael.
