ZURICH—This spring’s severe weather in the United States will cost Zurich Financial Services Group around $295 million, the Swiss insurer said Monday.

The Zurich-based insurance group said in a statement that its estimate, which is pretax and net of reinsurance, includes its losses from multiple tornadoes and hail storms in the Midwest and Southeast. The insurer noted that the severe spring weather in the Unites States this year has shown “a severity and frequency well above past industry experience.”

Zurich said that $200 million of the estimate reflects claims at its commercial and global corporate business in North America, while $95 million relates to its Farmers Re unit, which provides reinsurance to entities managed by Zurich subsidiary Farmers Group Inc.