Swiss Re estimates Sandy will cost it $900 million

26th November 2012, Comments 0 comments

Swiss reinsurance group Swiss Re has estimated that it will have to pay around 900 million dollars (695 million euros) in claims stemming from damage done by Hurricane Sandy to the east coast of the United States, it said on Monday.

Swiss Re said that total insured losses from the storm were estimated at between 20-25 billion euros.

The group, which provides insurance for insurance companies, warned that its own exposure of 900 million dollars "is subject to a higher than usual degree of uncertainty and may need to be subsequently adjusted."

Sandy slammed into a densely populated part of the US, resulting in "prolonged power outages, disruption to public transport and damage to other infrastructure that have made recovery efforts very difficult," a statement noted.

"It also complicates the loss assessment process," Swiss Re said.

Chief executive officer Michel Lies was quoted as saying that "Swiss Re will support our clients and partners in tackling this challenging situation, as we have done in so many instances in the past."

The so-called superstorm killed more than 110 people in the US and Canada.

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© 2012 AFP

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