Ike’s Cost To Insurers Approaches $14 Billion

Insurers are collectively facing loses that could ring in as high as $14 billion as a result of damage by Hurricane Ike.

Swiss Reinsurance Co. announced its revised estimate of Ike-related losses since claims have begun to be processed, said Swiss Re spokesman Adalbert Koch.

Hurricane Ike unleashed the lion’s share of its wrath in Cuba and the Gulf Coast of Texas.

The Zurich-based global reinsurer also updated its damage estimate related to Hurricane Gustav to upwards of $4 billion, which is lower than its original estimate of $8 billion.

Hurricane Gustav gathered force off the Lesser Antilles then made it s  way to Cuba before making landfall along the Louisiana islands earlier this month.

Swiss Re has also pegged this year’s cumulative tropical storm-season losses by the industry at far more than last year’s; the tropical storm and hurricane season will persist through November 1.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.