Swiss Re estimates Hurricane Ida claims at $750 million, Europe flooding at $520 million

FILE PHOTO: U.S. President Biden inspects the damage from Hurricane Ida
FILE PHOTO: A view of flood damaged buildings are seen as U.S. President Joe Biden (not pictured) inspects the damage from Hurricane Ida on the Marine One helicopter during an aerial tour of communities in Laffite, Grand Isle, Port Fourchon and Lafourche Parish, Louisiana, U.S. September 3, 2021. REUTERS/Jonathan Ernst/Pool

October 5, 2021

By Brenna Hughes Neghaiwi

ZURICH (Reuters) – Swiss Re has estimated its preliminary claims burden from Hurricane Ida at $750 million, the reinsurer said on Tuesday, while updating its loss estimate for the July floods in Europe to approximately $520 million.

Hurricane Ida’s damage to U.S. offshore energy production made it one of the most costly since back-to-back storms in 2005 cut output for months.

Ida devastated the Midwestern United States’s power grid, while also causing rain and intense flooding that killed dozens in the Northeast.

(Reporting by Brenna Hughes Neghaiwi; Editing by Riham Alkousaa)