Global News - Hurricane Ike and Gustav Lash at Reinsurers' Pockets
Source: Asia Insurance Review | Nov 2008
Costs to the reinsurance industry from Hurricane Ike and Gustav are estimated to hit up to US$20 billion, with Munich Re estimating the highest losses of as much as US$500 million, and Swiss Re expecting a US$300 million claims estimate. On losses from other reinsurers due to the hurricanes, RenaissanceRe is expecting third-quarter losses of US$275 million, Bermuda-based Everest Re estimates its losses at US$200 to US$220 million, while XL Capital estimates net losses of US$195 to US$270 million.
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