Reinsurance News

Swiss Re pegs Hurricane Ida loss at $750mn

5th October 2021 - Author: Luke Gallin

Global reinsurance giant Swiss Re has announced that it expects an estimated impact of USD 750 million from Hurricane Ida, based on insurance and reinsurance industry losses of between USD 28 billion to USD 30 billion.

hurricane-ida-louisianaHurricane Ida made landfall as a Category 4 storm near Port Fourchon, Louisiana, about 60 miles south of New Orleans, with a maximum sustained wind speed of 150 mph.

The remnants of the storm went on to impact the North-easterly states of the US and caused flooding damage and disruption across the region.

Currently, industry loss estimates for Hurricane Ida range from USD 30 billion to as high as USD 41 billion, and includes impacts in the Gulf region, the Northeast, and also losses to the NFIP.

Reinsurer Swiss Re has also updated its loss estimate for the July flooding in Europe to approximately USD 520 million, based on estimated total insured market losses for this event of around USD 12 billion.

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