Insurance industry losses from Hurricane Ida could reach as much as $30 billion after the storm ripped across the oil-rich US Gulf Coast in late August, Swiss Re said on Tuesday.

The death toll from the Category 4 storm was relatively limited, but its floods and winds caused considerable damage, with disruptions in the oil sector that have affected global crude supplies.

Insurers face losses of between $28 billion and $30 billion (24 billion and 25.8 billion euros), Swiss Re said in a statement.

The Swiss insurance firm said its own claims burden from Ida could reach $750 million.

Swiss Re also said floods in Europe in July could cost the industry about $12 billion, with its own losses standing at $520 million.

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SWISS RE AG

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