banner
Business

Harvey's insured losses estimated to cost nearly $19 billion

Posted 12:12 p.m. Friday

— The nation's largest state insurance trade association estimates insured losses from Harvey at nearly $19 billion — and that doesn't count damage not covered by insurance.

The Insurance Council of Texas says windstorm and other claims from Harvey will be worth nearly $3 billion. Approximately 250,000 damaged cars and commercial vehicles will trigger around another $4.75 billion in insurance claims.

The council cites the Federal Emergency Management Agency in estimating that Harvey's flooding will result in $11 billion in payments to homeowners with flood insurance. Those flood losses would be the second highest on record, trailing only Hurricane Katrina's $16 billion.

Harvey battered Texas' Gulf Coast and flooded a vast area stretching from Houston to the Louisiana border. The storm caused 70-plus deaths and damaged or destroyed more than 250,000 homes.

Comments

Please with your WRAL.com account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all