PartnerRe Increases Hurricane Ike Damage Estimates

Scott Kappes

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Last week reinsurance provider, PartnerRe, announced that they were increasing their original estimate of Hurricane Ike damage claims by 61 percent, from $115 million to $305 million. The increased estimate is based on new information from their clients in the aftermath of Hurricane Ike.

Patrick Thiele, PartnerRe's chief executive, said in a statement. "[Hurricane Ike] has proved to be more destructive to offshore energy installations and had a much larger and more damaging footprint on land than was originally estimated."

In the end, most experts believe that the damages resulting from Hurricane Ike will make it the third most costly hurricane to ever hit the United States.