Swiss Re Estimates Hurricane Ida Could Cost Insurers $30 Billion
Hurricane Ida to be in the range of $28–30 billion
October 5, 2021
On an industry level, Swiss Re now estimates that total insured market losses from Hurricane Ida to be in the range of $28–30 billion, excluding federal flood insurance losses.
Hurricane Ida, the second-most intense hurricane on record to hit the state of Louisiana, also caused extensive wind and flood damage across the Eastern and Mid-Atlantic parts of the U.S. After making landfall on August 29, 2021, the category 4 hurricane caused wide-ranging power outages and severe infrastructure damages particularly in Louisiana, before triggering exceptional flash flooding and storm surges in the Northeastern regions of the country.
Swiss Re estimated its own preliminary claims burden from Hurricane Ida at approximately $750 million.
The estimates may need to be adjusted as the claims notification and assessment process continues.
Photo: Lyndell Scott walks past the debris of his gutted home in the aftermath of Hurricane Ida in LaPlace, La., Friday, Sept. 10, 2021. With almost all the power back on in New Orleans nearly two weeks after Hurricane Ida struck, the city is showing signs of making a comeback from the Category 4 storm. (AP Photo/Gerald Herbert)