Insurer AIG predicts $3 billion in losses from catastrophes

NEW YORK (AP) — American International Group expects to record insurance losses of roughly $3 billion during the third quarter from the recent hurricanes and earthquakes.

AIG said Monday that it expects to record pre-tax catastrophe losses between $2.9 billion and $3.1 billion during the quarter because of damage it will have to cover from Hurricane Harvey, Hurricane Irma and the earthquakes that struck Mexico.

AIG CEO Brian Dupereault says the company has acted quickly to provide money for claims.

The company estimates Hurricane Harvey caused it between $1.1 billion and $1.2 billion in insurance losses and Hurricane Irma more than $1 billion. Hurricane Maria will cost the company between $600 million and $700 million. The Mexico earthquakes were included in an additional $150 million in additional catastrophe losses it faced in the quarter.

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