Catastrophe risk modeling firm RMS estimates total US insured losses from Hurricane Nicholas at between $1.1 billion and $2.2 billion. RMS said the estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding, including losses to the National Flood Insurance Program.
While reinsurers are increasingly including the impacts of climate change in their decision making, they may be dramatically underestimating their exposure to climate risk, according to a new analysis. S&P Global estimates reinsurers may be underestimating their exposures to natural catastrophe risks by 33 percent to 50 percent.
Insured losses resulting from Hurricane Nicholas should be close to $950 million, according to an estimate from catastrophe risk modeling firm Karen Clark & Company (KCC). The estimate includes privately insured damage to residential, commercial, and industrial properties and automobiles, according to KCC.
Catastrophe risk modeling firm RMS has updated its estimate of total onshore and offshore US insured losses resulting from Hurricane Ida at between $31 billion and $44 billion. The new estimate includes inland flooding impacts in the Ohio Valley, Mid-Atlantic, and Northeast US regions.
Extreme event modeling firm AIR Worldwide has provided an updated estimate of insured losses from Hurricane Ida, projecting industry losses at $20 billion to $30 billion. The updated estimate includes Hurricane Ida's inland flood impacts across its entire track, including the Northeast.