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Germany’s Munich Re to take $3.2B hit from hurricanes

October 26, 2017

FILE - In this Oct. 9, 2017 file photo, Efrain Diaz Figueroa attempts to repair the roof of his sister's home destroyed by Hurricane Maria in San Juan, Puerto Rico. Figueroa, 70, was visiting his sister when the Hurricane Maria hit the area, and also lost his home in the Arroyo area. (AP Photo/Ramon Espinosa, File)

BERLIN (AP) — German insurance company Munich Re says it expects to take a 2.7 billion-euro ($3.2 billion) hit from Hurricanes Harvey, Irma and Maria.

The company, which as a reinsurer provides backup policies to companies that write primary insurance policies, said Thursday that costs from major disasters that also included earthquakes in Mexico will total 3.2 billion euros for the July-September period. It says that, along with unrelated financial effects, means it will post a 1.4 billion-euro loss for the third quarter and likely a “small profit” for the full year.

Munich Re cautioned in a statement that estimates of losses from the three hurricanes are “still fraught with considerable uncertainty.”

Rival Swiss Re has estimated that its own payouts linked to the hurricanes and earthquakes will be about $3.6 billion.

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