Global: Swiss Re estimates hurricane Ida claims at $750m

Source: Middle East Insurance Review | Nov 2021

Swiss Re estimated its preliminary claims burden from hurricane Ida at $750m. On an industry level, the reinsurer estimated total insured market losses to be $28bn-$30bn.

Hurricane Ida, the second-most intense hurricane on record to hit Louisiana, also caused extensive wind and flood damage across eastern and mid-Atlantic states in the US. After making landfall on 29 August 2021, the category 4 hurricane caused wide-ranging power outages and severe infrastructure damages particularly in Louisiana, before triggering ‘exceptional flash flooding and storm surges’ in the northeastern regions of the country.

Swiss Re also updated its loss estimate for the July floods in Europe at $520m. The group estimated total insured market losses of the industry for this event at $12bn. M

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