Risk Management Services Inc. on Tuesday estimated uncertain land and offshore losses from Hurricane Ida in the Gulf of Mexico at between $ 25 billion and $ 35 billion. and internal flood losses in Alabama, Florida, Louisiana and Mississippi but excludes wind and inland flood effects in the Ohio Valley, Mid-Atlantic and northeastern United States.
The estimate also includes losses to the National Flood Insurance Program in Alabama, Florida, Louisiana and Mississippi, by $ 2.3 billion to $ 4 billion.
RMS estimates insured losses to offshore platforms, rigs and pipelines in the Gulf of Mexico at between $ 700 billion and $ 1.5 billion from wind and wave damage.  Loss calculations are largely consistent with the intervals issued during the past week.
The losses reflect property damage and business disruptions in commercial, residential, automotive, industrial, infrastructure, marine cargo and art, jet skis and other industries, along with loss amplification after events and non-modeled sources of loss, says RMS.
RMS expects insured water-related losses to be dominated by commercial and industrial lines and insured wind losses driven by residential lines.
Ida was close to category 5 intensity at the landing and remained in category 4 intensity for six hours moving inland, Mohsen Rahnama, head of risk modeling at RMS, noted in Tuesday's statement.
“Due to major damage to power plants, as well as transmission and distribution lines, the extensive power outage will significantly delay full recovery. Southern Louisiana has a high concentration of petrochemical plants, refineries, marine cargo and port exposures, power plants and other high-quality industrial plants that were affected by Ida, says Rahnama.
Material impact on specialty lines and material stores Interruption losses are likely to be with extended expected recovery times as these companies are heavily dependent on the state's electricity grid.
Hurricane Ida was the ninth storm during the North Atlantic hurricane season 2021