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Home / Insurance / Insurance Companies Can Take $ 20B- $ 30B Here From Hurricane Ida: Experts

Insurance Companies Can Take $ 20B- $ 30B Here From Hurricane Ida: Experts



(Reuters) – Insurance companies stand behind claims of between 20 and 30 billion dollars after assessing the damage from Hurricane Ida in many places, including New York and New Jersey, said disaster modeling company AIR Worldwide on Monday.

AIR said it updated its losses assurances after analyzing the impact of internal floods over Hurricane Ida's tracks, including in the northeastern states. the deadly hurricane.

The estimates include losses for residential, commercial, industrial properties and cars on land for their building, contents and time element coverage, AIR said.

The losses do not include estimates of losses from the National Flood Insurance Program, or any losses from offshore assets, it added.

Industry loss estimates also reflect an adjustment to account for increased materials and other repair costs in the current construction market, AIR said, adding that costs are still about 30% higher.

The loss account of Ida is likely to still be much less than $ 87 billion in claims from Hurricane Katrina in 2005, when adjusted for inflation, according to experts.

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