Swiss Re Estimates Charley Claims Under $200 Million

Swiss Re announced that based on preliminary market estimates, it expects its claims related to Hurricane Charley to be below $200 million before tax. It added that “at this level of claims, Charley would not alter Swiss Re’s positive outlook for the 2004 results.”

The world’s second largest reinsurer noted that between August 11 to the 15th Charley “swept through Jamaica, Cuba and the US, causing at least 22 fatalities and significant damage to property.” Swiss Re indicated that its preliminary estimate of insured losses ranges between $5 and $10 billion (see related articles).

It also indicated that Charley “is the first hurricane since Donna in 1960 to hit the western coast of Florida and the most costly hurricane since Andrew in 1992, which caused insured losses of some USD 21 billion (adjusted for 2003 prices).”