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Swiss Re Ltd. Tuesday announced estimated catastrophe losses from Hurricane Ida at approximately $750 million.
The reinsurer said that on an industry level the total insured market losses from Ida would be in the range of $28 billion to $30 billion, largely in line with earlier preliminary estimates.
Ida, the second-most intense hurricane on record to hit Louisiana, also caused extensive wind and flood damage across the Eastern and Mid-Atlantic sections of the U.S.
After making landfall on Aug. 29, the category 4 hurricane caused extensive power outages and severe infrastructure damages, particularly in Louisiana.
Ida then moved inland and northward across the Tennessee Valley before triggering flash flooding and storm surges in the Northeastern U.S., breaking hourly rainfall records in New York City set just two weeks earlier during Hurricane Henri.
Swiss Re also updated its loss estimate for the July floods in Europe at approximately $520 million and estimated total insured industry losses at approximately $12 billion.
American International Group Inc.’s CEO Peter Zaffino expects much greater impact of European floods from July on reinsurers as compared to the impacts of Hurricane Ida which recently struck the U.S., Reinsurance News reported. Mr. Zaffino warns reinsurers of a major potential hit from the floods.