American International Group warned it faces as much as $3.1 billion in pre-tax catastrophe losses for the 2017 third quarter, largely from three hurricanes and two Mexico earthquakes.
The preliminary pre-tax catastrophe loss estimate of $2.9 billion to $3.1 billion ($1.9 billion to $2 billion after-tax) is net of reinsurance.
Broken down, Hurricane Harvey cost AIG $1.2 billion in pre-tax catastrophe losses. Hurricane Irma left a $1 billion to $1.1 billion tab, and Hurricane Maria dealt $600 million to $700 million in pre-tax catastrophe losses. The two Mexico earthquakes left behind an added $150 million in additional catastrophe losses, AIG said.
AIG warned that the final number could differ quite a bit when final tallies are calculated.
Insurers and reinsurers have been disclosing moderate to substantial catastrophe loss hits from the August/September hurricanes and earthquakes.
AIG plans to release its full 2017 third-quarter earnings on Nov. 2, 2017, after the market closes.