Risk Management Solutions Inc. said Thursday's total U.S. land and offshore losses from Hurricane Ida are estimated at between $ 31 billion and $ 44 billion. states from Ida in addition to previous loss estimates of 25 to 35 billion dollars for the Gulf of Mexico.
Most of the insured flood losses in the Ohio Valley, Mid-Atlantic and Northeast United States — about $ 4.5 billion to $ 7.0 billion — will be in the private market, with about $ 1.5 billion to $ 2 billion. $ 0 billion in the National Flood Insurance Program. industry and the automotive industry, as well as sources of amplification of losses after events and leakage of flood losses to the windstorm policy. or this event includes wind and storm surge losses in the Gulf of Mexico and precipitation-induced flooding inland in the Gulf Coast states (Alabama, Florida, Louisiana and Mississippi), Ohio Valley, Mid-Atlantic and Northeast regions, Newark, California-based RMS said .
Total insured losses from Ida reflect property damage and business interruptions in residential, commercial, automotive, industrial, infrastructure, marine cargo and species, personal watercraft and other specialty industries, along with amplification of incidental (PLA) losses and unmodeled sources of loss.
The majority of land-insured losses from Ida will be driven by wind, followed by inland floods and then storm surges. Insured wind losses will be driven by residential lines and insured water losses will be dominated by commercial and industrial lines.
Rajkiran Vojjala, Vice President, Model Development, RMS, said that a "significant" portion of the total insured losses from Ida will be associated with factors that amplify the loss after the event, including rising construction costs and labor shortages and long-term power outages. These factors will only prolong the recovery and repair times, all of which can lead to increased total damage costs at this event.
Ida landed near Port Fourchon, Louisiana on Sunday . 29 as a Category 4 hurricane. Upon landing, Ida produced sustained winds of 241