7 September 2017Insurance

Harvey flooding total property damage at up to $75bn

Property losses from the flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will reach between $65 billion and $75 billion, according to estimates by catastrophe modelling firm AIR Worldwide.

These figures include damage to all properties eligible for coverage regardless of whether they are actually insured and without any application of deductibles or limits and do not include losses from Harvey’s winds or storm surge.

After making landfall as a Category 4 hurricane near Rockport, Texas, on Thursday, Aug. 24, Harvey brought excessive and record-breaking rainfall.

AIR estimates that industry insured losses from wind, flood, and storm surge combined are expected to exceed $10 billion with approximately $3 billion of the losses resulting from winds and storm surge. These estimates do not include losses to the National Flood Insurance Program (NFIP).

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Today’s stories

Barbican CEO explains why he supports Brexit

Hurricane Irma could cause industry loss above $100bn

UK’s Lord Chancellor unveils personal injury Ogden rate change proposal

Marsh restructures global management with new roles and business units

Premia poaches DARAG Germany CEO to lead European operations

Markel to buy UK specialist insurer ECIC

DARAG fills senior positions in core operations

Endeavour partners with Advent Claims to support Lloyd’s coverholders in Canada

Diversified reinsurance panel most relevant for insurers: survey

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
9 September 2017   With total economic losses estimated to reach tens of billions of dollars at the minimum, Harvey is likely to become one of the costliest natural disasters on record, according to Aon Benfield’s catastrophe model development team Impact Forecasting.
Insurance
1 September 2017   The economy of the city of Houston, Texas could lose up to $60 billion of its gross domestic product output in the next year as result of the Hurricane Harvey floods, according to the Centre for Risk Studies at the Cambridge Judge Business School.