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AIG sees third-quarter catastrophe losses of $1.5 billion to $1.7 billion

A downed tree rests on a house during the passing of Hurricane Florence in the town of Wilson, North Carolina, U.S. September 14, 2018.
Eduardo Munoz | Reuters

Insurer American International Group said on Thursday it expects third-quarter pre-tax catastrophe losses, net of reinsurance, of between $1.5 billion and $1.7 billion.

"These losses are largely associated with multiple events in Japan, including Typhoons Jebi and Trami, as well as Hurricane Florence and revisions to our loss estimates on the California mudslides, " AIG said in a statement.

AIG shares fell about 4 percent in extended trading.

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Key Points
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  • The development is likely to delay efforts to wrap up the overhaul in the coming months.
  • The public comment period ended on Wednesday with several prominent industry groups, including the Financial Services Forum and the Bank Policy Institute, urging the five agencies involved to seriously reconsider or scrap major portions of the proposal.