Wednesday, October 20

Swiss Re estimates Hurricane Ida claims at $750 mln, Europe flooding at $520 mln


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ZURICH — Swiss Re has estimated its preliminary claims burden from Hurricane Ida at $750 million, the reinsurer said on Tuesday, while updating its loss estimate for the July floods in Europe to approximately $520 million.

Hurricane Ida’s damage to US offshore energy production made it one of the most costly since back-to-back storms in 2005 cut output for months.

Ida devastated the Midwestern United States’s power grid, while also causing rain and intense flooding that killed dozens in the Northeast. (Reporting by Brenna Hughes Neghaiwi Editing by Riham Alkousaa)



financialpost.com

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