Munich Re estimates insured losses from hurricane Irene at around US$ 7bn
According to Munich Re estimates, insured losses caused by Hurricane Irene in the Caribbean and the United States are in the region of US$ 7bn. Owing to continuing flooding in the north-eastern USA, there is still a considerable degree of uncertainty with regard to loss estimates. The total figure does not include covers under the National Flood Insurance Program (NFIP).
Munich. Irene made landfall on 27 August in North Carolina on the US East Coast as a Class 1 hurricane with wind speeds up to 140 km/h. Although it subsequently weakened, it nevertheless brought with it extreme precipitation northwards along the coast up to New York. Previously, Irene had swept over island states in the Caribbean.
Munich Re estimates the pre-tax net burden for the Group, including special primary insurance activities, to be in the low three-digit million euro range.
No forecast can be made for the further course of the tropical storm season in the North Atlantic. Up to the beginning of September, storm activity during this year's storm season was above the average of the past 15 years.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.