General Insurance Article - Swiss Re estimates Hurricane Ida claims at USD 750 million

Swiss Re estimated its preliminary claims burden from Hurricane Ida at approximately USD 750 million. On an industry level, Swiss Re estimated total insured market losses to be in the range of USD 28–30 billion.

 Hurricane Ida, the second-most intense hurricane on record to hit the US state of Louisiana, also caused extensive wind and flood damage across the Eastern and Mid-Atlantic parts of 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 approximately USD 520 million. The Group estimated total insured market losses of the industry for this event at approximately USD 12 billion.

 The foregoing estimates are subject to uncertainty and may need to be subsequently adjusted as the claims notification and assessment process continues.



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