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Munich Re Revises Hurricane Ike Claim Damages to $680 Million

Posted on 27 Feb 2009

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The world's biggest reinsurer, Munich Re, said it expects claims from Hurricane Ike to total about $680 million, exceeding an earlier estimate.

"This claims burden is already taken into account in the preliminary figures published Feb. 4,” Munich Re said in an e-mailed statement today. The figure given today excludes retrocession, which reinsurers use to share some of their risks with rivals.

The Munich-based reinsurer said on Sept. 29 it expects pretax damage claims from Hurricanes Gustav and Ike, which hit the U.S. earlier that month, to total about $500 million with Ike contributing about $400 million.