Great-West Lifeco sets $100 million Hurricane Ian reinsurance provision

Great-West Lifeco announced that it will record a provision of US$100 million (about CA$137 million) for projected reinsurance claims resulting from Hurricane Ian.

A release noted that the claims provision will be included in Lifeco’s third quarter 2022 results, which will be released November 02, 2022.

Lifeco said it offers property catastrophe coverage to reinsurance companies through its capital and risk solutions segment.

“Our thoughts are with the families, businesses, and communities that face the devastation wrought by Hurricane Ian,” said Great-West Lifeco president and CEO Paul Mahon. “The insurance industry has a vital role to play in financing the recovery and rebuilding activities that are now underway. Great-West Lifeco will continue to support our clients and partners in managing through this difficult situation.”

Great-West Lifeco offered a disclaimer, saying that its provision estimate is based on currently available information, and thus could change as additional information becomes available.

Read more: Great-West Lifeco posts “solid results” for Q2 2022

For the second quarter of 2022, Lifeco reported net earnings of $735 million for Q2 2022, down by 6% from the same period last year. However, its base earnings rose to $830 million from $826 million in 2021, which Lifeco said reflects its “strong insurance and investment results” across the globe.