Swiss Re: Ike could cost insurers up to US$14B
The Associated Press,
Ike caused widespread damage in
Insured losses from the hurricane are estimated to be between US$7 billion and US$14 billion, Swiss Re said.
The Zurich-based reinsurance company revised its estimate for the losses from Hurricane Gustav to between US$2.5 billion and US$4 billion, down from US$4billion to US$8billion initially forecast.
Incoming claims from insurers and more knowledge about the impact of the storm have led to a more accurate picture on the losses, Swiss Re spokesman Adalbert Koch said.
Gustav swept over
Reinsurance companies sell backup coverage to other insurers