- Zurich Insurance Group ( OTCQX:ZURVY ) ( OTCQX:ZFSVF ) expects Hurricane Ian will cost it a $550M pretax catastrophic loss, the insurer's chief financial officer told Reuters Friday.
- Climate change may make such large catastrophic losses more common. "I'd love to take (Hurricane Ian) as a one-off but I'm not sure it is," CFO George Quinn said. Natural disasters are likely to become more frequent and severe, he said.
- As a result, "We are going to continue to constrain our appetite for natural catastrophe risk," he said.
- Zurich Insurance ( OTCQX:ZURVY ) ADRs rose 0.9% in Thursday early afternoon trading, less than the S&P 500's 4.5% gain.
- For its first nine months of 2022, the company's gross written premiums and policy fees of $33.5B, rose 8.0% from a year ago.
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Zurich Insurance sees $550M pretax loss from Hurricane Ian