Zurich Insurance claims $550 million in damages from Hurricane Ian

Zurich, November 10 (Reuters) – Zurich Insurance Group (ZURN.S) expects a net pre-tax hit of $550 million from Hurricane Ian.

Europe’s fifth-largest insurer said its new annual premium equivalent (APE) in life insurance fell 6% but rose 2% on an equal basis after adjusting for currency movements, acquisitions and disposals.

Zurich’s Swiss Solvency Test (SST) capital ratio was estimated at 252% as of 30 September.

Reporting by Michael Shields, Editing by Miranda Murray

Our criteria: Thomson Reuters Trust Principles.

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