Friday, September 17, 2021

$18 billion cost to insurers from Hurricane Ida, says officials – Atlanta, Georgia

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Atlanta, Georgia 2021-09-05 03:53:53 –

New Orleans, Louisiana: According to catastrophe modeling firm Karen Clark & ​​Co, insurers could pay about $ 18 billion after hurricane Ida hits the United States and the Caribbean.

This number comes from industry-leading risk modeling experts and is approaching the lower limit of the initial quote provided by insurance analysts earlier this week.

The Caribbean accounts for $ 40 million in insurance losses, and the damage caused by US winds and storms will cover the remaining costs, Karen Clark & ​​Company added.

Hurricane Aida landed in the United States as a Category 4 storm from the Gulf of Mexico on Sunday, causing torrential rains and floods.

Earlier this week, insurance experts estimated that claims would go from $ 15 billion to $ 30 billion as the associated rebuilding costs increased due to the COVID-19 pandemic, which could be even higher. I pointed out.

Experts pointed out that broad billing estimates based on Aida’s model of severity and pathway are likely to be much lower than $ 87 billion from Hurricane Katrina in 2005, adjusted for inflation.

But rating agency Fitch said losses from Aida would probably cost $ 15 billion from winter storm Uri and hurricane rollers more than $ 10 billion.

Karen Clark added that Aida is comparable to the 1856 Last Island Hurricane and the 2020 Hurricane Laura in terms of maximum sustained wind strength recorded in Louisiana. However, it excludes boats, offshore assets, or losses under the US National Flood Insurance Program.

UBS analysts said Aida’s impact would be the biggest blow to Swiss Re and Lancashire’s per share profits of 32% and 30%, respectively, but Hannover Reinsurance and reinsurance industry leader Munich Re He emphasized that insurance is the least affected.

$18 billion cost to insurers from Hurricane Ida, says officials Source link $18 billion cost to insurers from Hurricane Ida, says officials

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