Everest Re to bear $635m Q3 hit due to Ida and Europe floods

Everest Re Group is estimating total pre-tax net catastrophe losses of $635 million for the third quarter 2021 mainly due to Hurricane Ida and the July European Floods.

It expects Hurricane Ida to cost it some $415 million, if which the reinsurance segment will bear $335 million, and the European Floods to cost it $220 million, all of which will be borne by the reinsurance unit. All amounts are net of recoveries and reinstatement premiums.

For Hurricane Ida, Everest is estimating insured industry losses of approximately $28-$30 billion; for the July European floods, Everest is estimating insured industry losses of approximately $12 billion.

“The widespread impact of natural catastrophes in the third quarter has affected communities around the world,” said Juan Andrade, President and CEO of Everest Re Group. “Our thoughts are with all of those affected, and we stand ready to help our customers and communities as they rebuild, recover and emerge even stronger.”

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