AIR ups Ida estimate to $20bn-$30bn on back of inland flood losses
AIR Worldwide has increased its insured loss estimate for Hurricane Ida to between $20bn and $30bn after adding the impacts of inland flooding.
The estimate includes $2.5bn to $5bn of inland flood claims to the private market. This is on top of the $17bn to $25bn estimate for wind and storm surge previously put forward by AIR.
Its losses do not include those hitting the US National Flood Insurance Program (NFIP) or from offshore assets.
Rival modelling firm RMS has estimated that insured onshore and offshore losses in the Gulf of Mexico from Hurricane Ida will be between $25bn and $35bn, including up to $4bn for the NFIP.
The RMS estimate is broken down into insured losses of $21bn to $28bn for wind and storm surge. The inland flood loss estimate is between $1bn and $1.5bn, and the NFIP loss to Gulf states alone is $2.3bn to $4bn. Offshore energy losses are estimated to range between $0.7bn and $1.5bn.
The number is higher than earlier estimates, but includes wider perils and damages covering wind, storm surge and inland flooding across the impacted US states of Alabama, Florida, Louisiana and Mississippi. It excludes wind and inland flooding impacts in the Ohio Valley, mid-Atlantic and northeast US regions, which will be announced in the coming days once the full extent of damage is known.
