9/13/2021, 3:36 PM (Source: TeleTrader)
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Hurricane Ida to cause insurers up to $30B loss

Insurance companies are expected to receive claims adding up to between $20 billion and $30 billion, catastrophe risk modeling firm AIR Worldwide said on Monday, after re-assessing the damage many locations in the United States suffered from Hurricane Ida.

AIR had previously estimated the insured losses to fall between $17 billion and $25 billion, but adjusted its prognosis after analyzing the impacts of the flooding caused by Hurricane Ida in the Northeast states, including New York and New Jersey.

The estimations include losses pertaining to onshore residential, commercial and industrial properties, as well as automobiles, excluding any offshore assets, or losses from the National Flood Insurance Program, said AIR.

Baha Breaking the News (BBN) / TT