With Hurricane Harvey continuing to wreak havoc along the Gulf Coast, its full economic impact is still unclear. Risk-modeling company RMS estimates $70 billion to $90 billion in losses from wind, storm surge and flood damage, most of it in the Houston metropolitan area. That would make the storm among the world’s most costly catastrophes since at least 1970. And this is happening in what was considered a few short weeks ago as a fairly tame weather year. According to Swiss Re, total economic losses from disasters were $44 billion in the first half of 2017, down 62 percent from the first half in 2016. The biggest losses were from thunderstorms, and more than half of the $44 billion was insured. Although forecasters are reluctant to estimate how much of Harvey’s damage insurers might pay, Chuck Watson, a disaster modeler with Enki Research, puts the figure at about 27 percent, far less than the 47 percent paid out for Hurricane Katrina.
Harvey May Be Among the World’s Costliest Recent Catastrophes
August 30, 2017
Laurie Meisler & Yvette Romero – Bloomberg
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