Munich Re estimates insured losses from hurricane Irene at around US$ 7bn

2011/09/09

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.

 

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