Swiss Re: Hurricane Ian claims at USD1.3 billion

Swiss Re estimates its preliminary claims from Hurricane Ian at approximately USD1.3 billion, resulting in an expected Group net loss of approximately USD0.5 billion for the third quarter of 2022. While the 2022 target of 10 percent Group ROE is unlikely to be reached given the impact from natural catastrophes, the Ukraine war and financial market volatility, the Group remains confident in the mid-term outlook and committed to its 2024 profitability goals.

Hurricane Ian made landfall in western Florida on 28 September 2022 as a category 4 hurricane. With sustained wind speeds of about 150 miles per hour (240 km/h), Ian was one of the strongest hurricanes to ever make landfall in the US, subjecting the affected region not only to extreme winds but also storm surges and torrential rain. Swiss Re estimates the preliminary total insured market loss from Hurricane Ian at USD50–65 billion.