Verisk’s AIR Worldwide pegs Ida insured loss at up to $25bn

Catastrophe risk modelling firm AIR Worldwide, a Verisk business, has revealed its insurance industry loss estimate for Hurricane Ida.

AIR pegs industry insured losses to onshore property resulting from Ida’s winds and storm surge will range between $17 billion to $25 billion.

This modeled insured loss estimates include insured physical damage to property (residential, commercial, industrial, auto), both structures and their contents from winds, wind-borne debris, storm surge, and the impact of demand surge.

The industry loss estimates also reflect an adjustment to account for increased material and other repair costs in the current construction market.

Hurricane precipitation-induced flood losses are not included in AIR estimates.

Ida traveled over very warm Gulf waters and intensified to make two landfalls in Louisiana, both at Category 4 strength, on August 29.

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