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Home / Insurance / Northeast Commercial Insured Losses from Ida Can Reach $ 5B

Northeast Commercial Insured Losses from Ida Can Reach $ 5B



Commercially insured floods and wind losses in the northeastern United States from Hurricane Ida are estimated at between $ 3 and 5 billion, according to CoreLogic Inc. Residential and commercial properties in the Northeast are estimated at between $ 5 and $ 8 billion, while uninsured flood losses for the area are estimated at between 11 and 16 billion dollars.

Pennsylvania, New Jersey, New York, Connecticut and Massachusetts suffered 90% of the losses, CoreLogic said. Estimates include residential and commercial real estate, including content and business interruptions, but do not include major financial losses from the storm.

Ida continued to travel northeast after landing in Port Fourchon, Louisiana, on August 26. to tropical storm status, it brought rainfall of six to nine inches in three hours to New York, New Jersey and surrounding states. ] David Smith, senior head of science and analysis at CoreLogic, said that Ida's effects on New York would have been worse had it not been for resistance-based repairs made after Superstorm Sandy that helped support more serious injuries.

CoreLogic previously estimated damages potentially topping $ 20 billion in the region affected by Ida's landing.

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