Hurricane Ida Could Cost Insurers $30 Billion

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The damage caused by Hurricane Ida in the southern United States in August could cost insurers as much as $30 billion, or $26 billion.

 

That is according to the Swiss reinsurer Swiss Re. In addition, Ida caused extensive damage from strong winds and flooding in parts of the US.

The southern US state of Louisiana was particularly hard hit, with extensive power outages and extensive damage to the oil sector in the area, including in the Gulf of Mexico. As a result, oil production was severely affected.

Swiss Re itself expects to spend about $750 million on claims around Ida.

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