Hurricane season costs Swiss Re
The recent natural catastrophes cost reinsurer Swiss Re billions. In total, the company estimates the damage caused by hurricanes Harvey and Irma at up to 70 billion dollars. Hurricane Andrew in 1992, by comparison, caused an estimated $17 billion to $20 billion in losses.
The hurricane season in the USA and the Caribbean is costing Swiss Re dearly. The reinsurer expects total costs of around 3.6 billion dollars for the third quarter. Meanwhile, total insured losses from hurricanes Harvey, Irma and Maria and the earthquake in Mexico are estimated at around 95 billion dollars.
Harvey and Irma
The hurricane season, which runs through November, is already one of the most devastating in the United States since records began. Beginning in late August, events in the Caribbean and the southeastern United States have been tumultuous.
Harvey hit the Texas coast on August 25, with massive rainfall causing severe flooding, particularly in the Houston region. It is estimated that Harvey may have caused insured costs of $25 billion to $35 billion. However, much of this falls to the national flood protection program.
Hurricane Irma made landfall in Florida on September 10. And here, too, experts expect a burden of 25 to 35 billion dollars for insurers. The Caribbean was still hit by Hurricane Maria after Irma. Damage estimates for the region range between 10 and 20 billion dollars. The U.S. territory of Puerto Rico was also severely affected. (Source: SDA)
