Harvey flooding total property damage at up to $75bn

Property losses from the flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will reach between $65 billion and $75 billion, according to estimates by catastrophe modelling firm AIR Worldwide.

These figures include damage to all properties eligible for coverage regardless of whether they are actually insured and without any application of deductibles or limits and do not include losses from Harvey’s winds or storm surge.

After making landfall as a Category 4 hurricane near Rockport, Texas, on Thursday, Aug. 24, Harvey brought excessive and record-breaking rainfall.

AIR estimates that industry insured losses from wind, flood, and storm surge combined are expected to exceed $10 billion with approximately $3 billion of the losses resulting from winds and storm surge. These estimates do not include losses to the National Flood Insurance Program (NFIP).

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