Hurricane Ida could cost insurers $ 30 b: Swiss Re

Friday, 8 October 2021 00:00 - - {{hitsCtrl.values.hits}}

ZURICH (AFP): Insurance industry losses from Hurricane Ida could reach as much as $ 30 billion after the storm ripped across the oil-rich US Gulf Coast in late August, Swiss Re said.

The death toll from the Category 4 storm was relatively limited, but its floods and winds caused considerable damage, with disruptions in the oil sector that have affected global crude supplies.

Insurers face losses of between $ 28 billion and $ 30 billion (24 billion and 25.8 billion euros), Swiss Re said in a statement.

The Swiss insurance firm said its own claims burden from Ida could reach $ 750 million.

Swiss Re also said floods in Europe in July could cost the industry about $ 12 billion, with its own losses standing at $ 520 million.