Powerful storm surges caused by Hurricane Ida could cause close to $20 billion in insured losses across Louisiana, Alabama and Mississippi, firms estimate.
As The Wall Street Journal reports, Wells Fargo and Fitch Ratings analysts have estimated the damages could total $15 billion to $20 billion. In comparison, Fitch reports Hurricane Katrina caused a record $65 billion in insured losses.
Catastrophe-modeling firms AIR Worldwide and RMS said they didn’t yet have estimates for insured losses stemming from Ida.
Responding to the devastation from Ida, insurer Allstate said it had set up multiple mobile claim centers in Alabama and Texas and had personnel ready to move in to assess damages as soon as it was possible to do so.
California-based CoreLogic projected 941,392 homes were at risk of damage from Ida. Read the full story.