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The losses relate largely to Hurricane Dorian and tropical storms Barry and Imelda.
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AIG is likely to have exhausted its $550mn Japanese reinsurance cover after typhoons Faxai and Hagibis.
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The losses are not expected to trigger the carrier’s reinsurance cover.
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The reinsurer expects to take a $100mn charge from Faxai and assume $55mn of Dorian liabilities.
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Dorian is estimated to have caused $160mn in claims for NYSE-listed (re)insurer. -
Historic frequency and severity of losses will create sharp pressure for rate rises at 1 April.
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Shares in the Japanese big three carriers all rise as trading resumes after a public holiday.
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The fire had damaged or destroyed almost 40 structures as of yesterday.
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Typhoon Hagibis looks bad, although whether it is bad enough remains to be seen.
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Carriers have so far paid out for $6.7bn of losses from the natural disaster.
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Two Rugby World Cup matches have also been cancelled as the typhoon remains forecast to make landfall as Category 3 storm.
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The Bermudian’s estimated loss range follows a similar disclosure by Arch earlier this week.
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