The Swiss reinsurer estimates its preliminary claims burden from Hurricane Ida at approximately $750 million, according to a statement Tuesday. The category 4 hurricane, which caused severe infrastructure damages particularly in Louisiana, could cost the industry in the range of $28 to $30 billion in total insured market losses, it says.

The July floods in Europe could amount to around $520 million for Swiss Re, while they could burden the industry with $12 billion in total insured market losses, according to the reinsurer's estimates.