Storms that have pounded Caribbean islands and the coastal U.S. this year are driving up costs for insurers.

Munich Re, the worlds largest reinsurer, said storms led by Hurricanes Harvey and Irma will probably wipe out third-quarter profit and threaten the companys ability to meet its full-year earnings target.

The storm shifted to Floridas Gulf Coast over the weekend, sparing Miami a direct hit and prompting risk modeler AIR Worldwide to say the maximum cost for insurers on Irma is $40 billion.

MetLife Inc. named Michel Khalaf president of U.S. operations after he helped the insurer expand in Europe.

Berkshires namesake reinsurance group and General Re unit incurred costs tied to a cyclone in Australia. Pretax profit fell 34 percent at Geico, which sells auto coverage.

State Farm, the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies.

American International Group Inc. is weighing a plan to hire Brian Duperreault as the companys seventh chief executive officer since 2005, according to people familiar with the boards deliberations.

AIG said it plans to open an insurer in Luxembourg to write business in the European Economic Area and Switzerland once the U.K. exits the European Union.