1 September 2017Insurance

Total Harvey flood losses could approach $40bn

Total flood losses stemming from Hurricane Harvey could reach almost $40 billion but some 70 percent of these losses could be uninsured, according to CoreLogic, the property information and analytics provider.

CoreLogic estimates that the total flood loss in Texas and Louisiana will reach between $25 billion and $37 billion. The National Flood Insurance Program (NFIP) will cover some $6 billion to $9 billion of this and private insurers only around $0.5 billion. Insured losses from wind damage are estimated at $1 billion to $2 billion.

As a result, an estimated 70 percent of flood damage from Hurricane Harvey is not covered by any insurance, CoreLogic said. This includes inland, flash and storm surge flooding.

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More on this story

Insurance
4 September 2017   Hurricane Harvey will be a top three loss event for the National Flood Insurance Program (NFIP), according to analysis by risk modelling firm RMS.
Insurance
1 September 2017   Insurers are expected to weather losses stemming from Hurricane Harvey relatively well in part thanks to the better reinsurance deals many have secured during the soft market, according to AM Best.
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.