Global disaster costs batter profits at Swiss Re

Soaring financial costs from natural disasters sent profits plummeting at Swiss Re last year, the reinsurance giant said Friday.Combined estimated claims from disasters such as Cyclone Debbie in Australia, Atlantic hurricanes Harvey, Irma and Maria, the Mexican earthquakes, and wildfires in California amounted to $4.7 billion in 2017.

The costs pushed profits down 91 percent to $331 million (268 million euros). "2017 was clearly a challenging year for the industry -- and Swiss Re," CEO Christian Mumenthaler was quoted as saying in a company statement. "However, we believe the outlook for our industry is now more positive than it has been during the last four years.

-AFP, Zurich