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Hurricane Irma: CCR estimates at approximately 1.2 billion euros the cost of insured damages for Saint Martin and Saint Barthelemy Islands

Actuality Image CCR

09/09/2017

Press release - September 9, 2017


Hurricane Irma: CCR estimates at approximately 1.2 billion euros the cost of insured damages for Saint Martin and Saint Barthelemy Islands
 

While the French Antilles have just suffered an unprecedented natural disaster that caused damage of an exceptional magnitude, CCR expresses its support and solidarity to the victims of Hurricane Irma and their loved ones.

CCR estimates that the amount of insured damage arising from this event will rise to almost 1.2 billion euros. This amount includes damages to residential buildings, vehicles and businesses (including business interruption losses) that are covered by the French Natural Disaster compensation scheme.

This Natural Disaster loss, one of the costliest to affect France in 35 years, will be covered by CCR and insurers reserves booked to this effect.

This estimate was produced by our multidisciplinary experts using digital simulations based on data from numerous sources.

CCR is a reinsurance group wholly-owned by the State of France and ranks among the top 25 players in international reinsurance. Through the Natural Disaster compensation scheme backed by the State's guarantee and working in the general interest, it provides the French market with coverage against natural disasters and other exceptional risks. Since January 1, 2017, its subsidiary, CCR Re, operates in the Life, Non-Life and Specialty Lines in France as well as in sixty countries worldwide.
In conformity with the Natural Disaster compensation scheme established in France in 1982, CCR is accredited to provide, upon the request of the insurer, State-guaranteed unlimited reinsurance coverage against natural disasters arising in France. In this manner, all insureds – private persons, businesses, local municipalities – can benefit from coverage against these risks despite their level of exposure. Thanks to the concerted action of insurers and CCR, the scheme also guarantees quick and certain compensation of the losses incurred regardless of their scale.

 

Press contacts:
Isabelle Delval: +33 (0)6 37 76 90 71 - idelval@ccr.fr
Juliana Capblancq: +33 (0)6 81 00 06 52 - jcapblancq@ccr.fr