ZURICH, April 13 (Reuters) - Swiss Re SRENH.S , 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 billion."
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.