{"id":46730,"date":"2017-10-10T07:03:07","date_gmt":"2017-10-10T07:03:07","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=46730"},"modified":"2017-10-10T07:03:07","modified_gmt":"2017-10-10T07:03:07","slug":"aig-sees-third-quarter-catastrophe-losses-3-billion","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/aig-sees-third-quarter-catastrophe-losses-3-billion.html","title":{"rendered":"AIG sees third-quarter catastrophe losses of about $3 billion"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">AIG sees third-quarter catastrophe losses of about $3 billion<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">AIG sees third-quarter catastrophe losses of about $3 billion:- American International Group Inc (AIG.N) said on Monday it expected to book pre-tax catastrophe losses of about $3 billion in the third quarter mainly related to hurricanes Harvey, Irma and Maria.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">AIG\u2019s shares were down about 1.7 percent at $60.75 in extended trading.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The company estimated pre-tax losses of about $1 billion each from Harvey and Irma, up to $700 million from Maria and additional catastrophe losses, including earthquakes in Mexico, of about $150 million.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Morgan Stanley analysts said the losses were slightly above their estimate of $2.5 billion, but were manageable as it equated to about 2.6 percent of book value.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The analysts, who have an \u201coverweight\u201d rating on the stock, also highlighted the company\u2019s more than $3.5 billion in cash and short-term investments, saying it should help tackle capital concerns from losses in the third quarter.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Insurers and reinsurers are counting the costs of the hurricanes that tore into parts of the United States, while ravaging several islands in the northern Caribbean.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Chubb Ltd (CB.N), the world\u2019s largest listed property and casualty insurer, has estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Germany\u2019s Munich Re (MUVGn.DE) warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by the storms.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Hurricane season in the Atlantic is still in full swing and Morgan Stanley said it expects overall insured losses from this year\u2019s catastrophes to approach $100 billion.<\/span><\/p>\n<p><span style=\"font-size: 8pt\">Source:-\u00a0http:\/\/www.reuters.com\/article\/us-aig-outlook\/aig-sees-third-quarter-catastrophe-losses-of-about-3-billion-idUSKBN1CE2EP<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/aig-sees-third-quarter-catastrophe-losses-3-billion.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>AIG sees third-quarter catastrophe losses of about $3 billion AIG sees third-quarter catastrophe losses of about $3 billion:- American International Group Inc (AIG.N) said on Monday it expected to book pre-tax catastrophe losses of about $3 billion in the third quarter mainly related to hurricanes Harvey, Irma and Maria. AIG\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":46733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[74283,20418],"class_list":["post-46730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-aig-sees-third-quarter-catastrophe-losses-of-about-3-billion","tag-nited-states"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/46730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=46730"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/46730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/46733"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=46730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=46730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=46730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}