EUROPE'S BIG FOUR REINSURERS 'MAY EXCEED Q3 CAT BUDGETS' AFTER FAXAI

The Big Four European reinsurers will report that their third-quarter natural catastrophe budgets will have been used up or even “slightly exceeded” as a consequence of the damage wrought by Typhoon Faxai and Hurricane Dorian, Deutsche Bank has predicted. RMS’s most recent projections put insured losses from Faxai, which hit the Tokyo area as a category 2 storm, at between $5bn and $9bn. Deutsche Bank’s analysts have estimated Swiss Re has a share of between 8% and 10% in Japan, with Munich Re taking 5%, and Hanover Re and Scor about 1.5% each.