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.
July saw record floods occur across the world, and more accurate loss estimates are now being released. Last month, insured loss predictions from the European floods were predicted to be $5 - $6.5 billion by the German Insurance Association (GDV) and $6 billion by AIR.
Despite flood being the most pervasive hazard in the US, there are major challenges around the provision of adequate flood cover based on accurate, real-time data. We discussed this and JBA’s flood models that cover 99% of the world’s landmass with Jane Toothill and Matt Reid.