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Hurricane Irma: the most costly natural disaster for French insurance

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Magazine Issue: 
Boeing, a claim of unprecedented scale [3]
Magazine date: 
Nov 2019

IrmaAfter the figures were updated, Hurricane Irma, which hit the North Atlantic in 2017, became the most costly natural disaster for French insurance. The passage of Irma on St. Martin and St. Bartholomew caused insured damages of 2 billion EUR (2.2 billion USD), that is nearly 39 times the total premiums collected annually in all overseas territories.

The top three natural disasters that exceed one billion EUR (1.10 billion USD) of damage include henceforth:

  • Hurricane Irma with 2 billion EUR (2.20 billion USD),
  • the drought of 2003 with 1.74 billion EUR (1.92 billion USD),
  • the floods of the Rhone Valley of December 2003 with more than 1 billion EUR (1.10 billion USD).

A plan to reform the natural disaster scheme is being considered. It would be to parliament before the end of 2019.

Read also | Irma is testing the Cat Bonds market [4]

Tue, 03/12/2019 - 16:18

Source URL: https://www.atlas-mag.net/en/article/hurricane-irma-the-most-costly-natural-disaster-for-french-insurance

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