AIG predicts USD 3.1 billion in Q3 pretax losses after recent hurricanes and earthquakes

American International Group (AIG) announced it expects to record insurance losses of roughly USD 3 billion during the third quarter from the recent hurricanes and earthquakes.

The company said that it expects to record pre-tax catastrophe losses between USD 2.9 billion and USD 3.1 billion (USD 1.9 billion to USD 2.0 billion after-tax) during the quarter because of recent hurricanes (Harvey, Irma and Maria) and the losses from Mexico earthquakes: "This amount includes pre-tax estimated losses of USD 1.1 billion to USD 1.2 billion from Hurricane Harvey, USD 1.0 billion to USD 1.1 billion from Hurricane Irma, USD 600 million to USD 700 million from Hurricane Maria, and approximately USD 150 million in additional catastrophe losses including Mexico earthquakes".

"During this period of unprecedented catastrophes, our thoughts are with all who are affected by these storms. We are actively ensuring the safety and support of AIG employees, who acted selflessly to serve their colleagues, clients, and communities. Through AIG's financial strength and long experience with natural catastrophes, our teams across the company have reacted quickly to provide our clients with the claim funds, resources, and expertise they need to recover and rebuild with greater resilience. We are proud of our response as a member of the industry and as a corporate citizen during this time of need", said .Brian DUPERREAULT, President and Chief Executive Officer.

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