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Swiss Re estimates Sandy claims burden at $900 million
November 26, 2012 / 6:31 AM / 5 years ago

Swiss Re estimates Sandy claims burden at $900 million

A worker removes the debris of a home destroyed by Hurricane Sandy in Union Beach, New Jersey November 20, 2012. REUTERS/Eric Thayer

ZURICH (Reuters) - Swiss Re said on Monday it estimated its claims burden from hurricane Sandy, which hit the United States last month, at $900 million.

The superstorm, which killed 132 people in the United States and Canada on October 29, led to power outages, disruptions of public transport and damage to other infrastructure that have made recovery efforts difficult and complicate the loss assessment process, the reinsurer said in a statement.

“Our claims estimate therefore is subject to a higher than usual degree of uncertainty and may need to be subsequently adjusted,” Swiss Re said.

It said overall market losses were estimated at $20-25 billion.

German rival Munich Re said it expected a hit in the mid hundreds of millions of euros from Sandy.

Shares in Swiss Re were indicated to open 0.8 percent lower following the news, according to premarket indications from bank Julius Baer.

Reporting by Silke Koltrowitz; Editing by Hans-Juergen Peters

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