Zurich Financial Services Group said today that it expects claims losses from Hurricanes Gustav and Ike to reach $600 million before tax.

The Zurich, Switzerland-based insurer said the figure is a preliminary estimate that is net of reinsurance recoverables and includes reinsurance reinstatement premiums. The estimate comprises approximately $55 million for Gustav and $545 million for Ike, Zurich said.

Hurricanes Gustav and Ike hit the U.S. Gulf Coast in September, affecting large areas of Texas, Louisiana and parts of the Midwest.

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