AIG falls to Q3 loss with major Japan hit

The worst catastrophe season in 25 years helped take AIG to a US$1.26 billion loss in the third quarter of 2018 compared with a loss of US$1.74 billion in Q3 2017.

AIG’s Q3 combined operating ratio improved to 124.4% from 157.1% last year when the market was left bruised by three huge hurricanes in the Caribbean and the US.

AIG fell to losses of US$264 million net  of reinsurance in Japan while Hurricane Florence and revised losses to the estimates on the California mudslides caused other major headaches for the insurer.