Harvey’s insured losses estimated to cost nearly $19 billion
AUSTIN, Texas (AP) — 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.