USA - Insured losses from Hurricane Ida could hit $21 billion: CoreLogic
Insured flood and wind losses from Hurricane Ida are estimated at between $14 billion and $21 billion, according to CoreLogic Inc.
The Irvine, California-based provider of property information to underwriters said Wednesday that insured flood losses for residential and commercial properties in Louisiana, Mississippi and Alabama are estimated to be between $6 billion and $9 billion, which includes both storm surge and inland flooding. Insured wind losses are estimated at $8 billion to $12 billion.
Hurricane Ida made landfall Sunday less than 40 miles away from where Hurricane Katrina made landfall in 2005, but the two storms were substantially different, said Tom Larsen, principal, insurance solutions, at CoreLogic, who compared Ida with Katrina and Hurricane Harvey.
“While only 40% to 50% of the flood damages from Hurricane Ida appear to be covered by insurance, this is actually an improvement from the uninsured flood damages we saw from Hurricanes Harvey and Katrina,” Mr. Larsen said.