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(Reuters) — Insured losses from Hurricane Dorian are expected to total several billions of dollars, German reinsurer Munich Re said on Sunday.
Board member Torsten Jeworrek, speaking at an industry conference, said that the estimate was a "rough guess" as damage was still to be tallied.
Dorian ripped into the Bahamas earlier this week, leaving a trail of destruction and death, before pounding parts of North Carolina and moving on to Canada.
Separately, Mr. Jeworrek said he expected reinsurance rates to rise further across the industry, stabilizing after years of declines.
The "clear expectation" is a "further stabilization and price increases," Mr. Jeworrek said.
Swiss Re, a major competitor, said it also expected rate increases in areas hit by heavy losses, but more stable rates elsewhere amid abundant capital.
Hurricane Dorian could become a significant event for reinsurers due to low retention levels in Florida property coverages, according to a briefing Thursday from analyst Keefe, Bruyette & Woods Inc.