Insurers may take $18-billion hit from Hurricane Ida – industry experts

📆 2021/09/02 2:30:00
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Catastrophe modeling company KCC says $40 million worth of the insured loss would be in the Caribbean and the rest from wind and storm surge losses in the United States.

in the United States and the Caribbean, catastrophe modeling company Karen Clark & Co. said on Wednesday, September 1.

KCC said $40 million worth of the insured loss would be in the Caribbean and the rest from wind and storm surge losses in the United States. Insurance experts had earlier in the week estimated $15 billion to $30 billion in claims from Hurricane Ida, but cautioned the figure could be higher, in part because of pandemic pricing that has pushed up the cost of lumber and labor to rebuild.

Ratings agency Fitch said losses from Ida will likely surpass those from winter storm Uri at $15 billion and Hurricane Laura – the costliest insured catastrophe event of 2020 – at $10 billion.

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