Largest Hurricane Losses – Insurance Overview
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As flood waters recede in the south and eastern seaboard states, Hurricane Helene is on track to be one of the costliest natural disasters in U.S. history. Not since Hurricane Katrina, which ravaged Louisiana in 2005, and Gustav & Ike in 2008, have insurance companies been levied with billions of dollars in settlement claims.
Moody’s estimates a total of $20 billion to $34 billion in losses from the damage caused by Hurricane Helene. Other insurance industry estimates run higher, with the inclusion of uninsured businesses and individuals. The storm inflicted widespread damage across numerous states destroying and crippling power facilities, agriculture, roads, bridges, water reclamation, schools, and business operations among various industries.
Historically, rebuilding efforts following natural disasters such as hurricanes, has led to pockets of economic growth. The enormous cost of Katrina in 2005 led to hundreds of millions of dollars for rebuilding homes, roads, buildings, and re-establishing businesses.
Sources: NOAA, Dept. of Commerce, Moody’s
Print Version: Hurricane Losses Nov 2024
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