Harvey economic loss could be up to $75bn
Thursday, 08 31 2017, Category: Nature, Country: United States
An analyst at Moody’s Analytics has estimated the total economic loss due to hurricane Harvey at up to $75 billion. The massive price tag would see the storm on a par with superstorm Sandy in terms of economic impact to the United States.
As the flooding persists and spreads towards Louisiana in the east, the affected area now faces perhaps months of disruption to residents and businesses, with lost output, business interruption and other economic impacts expected to escalate rapidly.
While economic losses are not what the ILS and reinsurance market is focused on, they provide useful guides as to how severe an event is and how wide the protection gap for a specific region may be.