Swiss Re estimates its claims for Hurricane Charley to be below USD 200 million
19 August 2004, Zurich
Swiss Re announced today that based on preliminary market estimates, it expects its claims related to Hurricane Charley to be below USD 200 million before tax. At this level of claims, Charley would not alter Swiss Re's positive outlook for the 2004 results.
From 11 to 15 August 2004 Hurricane Charley swept through Jamaica, Cuba and the US, causing at least 22 fatalities and significant damage to property. On 13 August Charley made landfall in Florida as a class 4 hurricane with winds of up to 230 km/h. The insured loss is expected to be in the range of USD 5 billion to USD 10 billion.
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).
Notes to editors
Swiss Re is one of the world's leading reinsurers and the world's largest life and health reinsurer. The company operates through more than 70 offices in over 30 countries. Swiss Re has been in the reinsurance business since its foundation in Zurich, Switzerland, in 1863. Through its three business groups Property, Casualty, Life, Health and Financial Services, Swiss Re offers a wide variety of products to manage capital and risk. Traditional reinsurance products, including a broad range of property and casualty as well as life and health covers and related services, are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated 'AA' by Standard, Poor's, 'Aa2' by Moody's and 'A+' by A.M. Best.
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