Hurricane Ian: 13 billion USD of losses for Bermudan insurers and reinsurers

According to the Bermuda Monetary Authority (BMA), Hurricane Ian could cost the entire insurance and reinsurance market between 50 and 75 billion USD.

Bermudian insurers and reinsurers would have to bear 13 billion USD, that is 25% of the total cost of the gross claim, to cover the losses due to this natural disaster's ravaging effects.

The BMA's estimate includes damages caused by winds, storms and floods that occurred in Florida, South Carolina, North Carolina, Georgia and Virginia.

Hurricane Ian, a Category 4 hurricane that severely hit several southeastern U.S. states in September 2022, resulted in extensive property damage and loss of life.