Insured loss estimates from Hurricane Ida were released as soon as 5 days after the tropical storm made landfall in Louisiana. Throughout September these companies have updated their predictions. AIR has updated its estimate to include insured losses from flooding, so its new range is $20 billion to $30 billion. RMS has updated its estimate to between $31 billion and $44 billion, which includes losses from flooding, and CoreLogic predicts up to $8 billion in insured flood losses alone specifically for the US Northeast.
Throughout July, floods have affected areas across the world. With the release of loss estimates from various modellers, brokers, insurers and other commentators, the size and range of the relative gap between economic loss and insured loss is notable, as well as different loss drivers. In the Henan province floods, in China, the majority of claims have been from motor due to a lack of property flood insurance.
This podcast features speakers from three very different companies all providing solutions for managing claims, but each at different stages in their growth. Recorded live from our Innovation in C