Zurich Financial Services Group stated that, “based on its current best estimate it expects aggregate claims payments related to floods that occurred in the UK in July 2007 will not exceed $260 million before tax” – net of reinsurance. The losses occurred during the heavy rains in Southern England between the 20th and the 23rd of July. They will be recorded in Zurich’s nine month’s results, which are due to be released on November 15, 2007.
Zurich noted that in August it had estimated losses for the extreme weather that occurred in the UK in June 2007 would not exceed $400 million before taxes, which it reported in the half year results.
The Company indicated that “while these amounts represent the best estimate of the ultimate cost for these events, the nature of many of the losses and the extended remediation period needed to dry out properties and to complete repairs means that some uncertainty as to the final cost remains.”
Source: Zurich – www.zurich.com
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