Swiss Re Estimates Charley Claims Under $200 Million
Swiss Re announced that based on preliminary market estimates, it expects its claims related to Hurricane Charley to be below $200 million before tax. It added that “at this level of claims, Charley would not alter Swiss Re’s positive outlook for the 2004 results.”
The world’s second largest reinsurer noted that between August 11 to the 15th Charley “swept through Jamaica, Cuba and the US, causing at least 22 fatalities and significant damage to property.” Swiss Re indicated that its preliminary estimate of insured losses ranges between $5 and $10 billion (see related articles).
It also indicated that Charley “is the first hurricane since Donna in 1960 to hit the western coast of Florida and the most costly hurricane since Andrew in 1992, which caused insured losses of some USD 21 billion (adjusted for 2003 prices).”
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
- EPA Designates PFAS Chemicals as Superfund Hazardous Substances
- South Carolina Allows Out-of-State Adjusters After Massive Hail Storm
- Report: Claims Handlers Embracing Technology
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road