As Hurricane Ida Sweeping Louisiana and the Gulf Coast over the weekend, estimates of the early losses of this strong storm and the cost of insurance companies have begun to calculate.
Elyse Greenspan, an insurance analyst at Wells Fargo Bank, has already begun assessing losses. In a report to clients on Sunday, he stated that insurance companies may insure losses as high as 20 billion U.S. dollars. Bloomberg Report.
Bloomberg said that early reports from other analysts indicated that the cost of insurance companies could be at least $15 billion.
Mark Dwelle of RBC Capital Markets warned that due to Unknown damageAccording to news media reports, there may be levy failures, unknowable energy losses after the storm, and more inland damage that will not be discovered until a few days after the storm.
He continued in his report to clients on Monday, “It may take some time to fully understand the insured losses, but at this point, we don’t expect a’worst-case’ loss, even though we expect the loss to be considerable.” This may affect insurance pricing.
Hurricane Katrina was the worst natural disaster in U.S. history, with a total loss of 161 billion U.S. dollars. The estimated cost of the insurance company is $25 billion. In the days after the storm, the damage caused by the storm is still unclear.
According to a Core logic estimation According to reports, released on Saturday Business insider, The total damage of the Ida storm is estimated to be approximately US$220.37 billion, of which nearly 1 million houses are in Mississippi, Alabama and Louisiana State.
On Saturday, the National Hurricane Center upgraded Ida to an “extremely dangerous” category 4 hurricane.
The Category 3 storm of Hurricane Katrina killed 1,833 people.
Photo: RAMMB/NOAA/NESDIS/José Romero
