Swiss Re estimates Hurricane Ida claims at USD 750 million

(MENAFN- EQS Group) EQS Group-News: Swiss Re Ltd / Key word(s): Forecast/Miscellaneous
05.10.2021 / 07:00

Ad hoc announcement pursuant to Article 53 LR

Zurich, 5 October 2021 - Swiss Re estimated its preliminary claims burden from Hurricane Ida at approximately USD 750 million[1]. On an industry level, Swiss Re estimated total insured market losses to be in the range of USD 28-30 billion[2].

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[1]. 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.

[1] Net of retrocessions and before tax.
[2] Excluding National Flood Insurance Program (NFIP).

For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or .
Please use this link to access the Swiss Re website.

Swiss Re
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk - from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website .

End of Media Release

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