AIG SEES LOSSES OF ABOUT US$3B FROM HURRICANES, QUAKES

American International Group Inc. said on Monday it expected to book pre-tax catastrophe losses of about US$3 billion in the third quarter mainly related to hurricanes Harvey, Irma and Maria. AIG estimated pre-tax losses of about US$1 billion each from Harvey and Irma and up to US$700 million from Maria. Losses from earthquakes in Mexico is expected to be about US$150 million, AIG said. Insurers and reinsurers are counting the costs of the hurricanes that tore into parts of the U. S., while ravaging the northern Caribbean. Chubb Ltd. has estimated after- tax losses of up to US$ 1.28 billion from hurricanes Harvey and Irma. Germany’s Munich Re warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from the storms.