ZURICH, April 13 Swiss Re, the world's
second-largest reinsurer, has estimated its claims burden from
Cyclone Debbie in Australia at around $350 million, the company
said on Thursday.
"Swiss Re expects Cyclone Debbie to have resulted in a
higher share of large commercial and corporate losses compared
to similar events in the past," Zurich-based Swiss Re said in a
statement. "The total insured market losses for wind, flood and
storm surge damages are estimated to be approximately $1.3
Reinsurers act as financial backstops for insurance
companies and help them pay for large claims from hurricanes or
earthquakes in exchange for part of the premiums.
(Reporting by Joshua Franklin, edited by John Revill)