SoftBank swung back to black for the first time in three quarters with a profit of more than $21 billion, as gains from a sale of some of its stake in Chinese e-commerce company Alibaba offset losses at its Vision Fund investments. Read More...
Reuters
Zurich Insurance sees $550 million hit from Hurricane Ian, on track for targets beat
ZURICH/LONDON (Reuters) -Zurich Insurance Group expects a net $550 million pre-tax hit from Hurricane Ian, Europe’s fifth-largest insurer said on Thursday, though it remains on track to beat its 2020-2022 financial targets, helped by premium rate rises. Insurers face potential losses of up to $60 billion from Hurricane Ian, which ravaged Florida and the Carolinas in September in what could be the second-largest natural catastrophe loss in U.S. history. Climate change is contributing to greater losses from natural catastrophes for insurers, and some of them are backing away from covering the risk, particularly in hurricane or wildfire-prone areas.
Add Comment