Northeast commercial insured losses from Ida could reach $5B
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Commercial insured flood and wind losses in the U.S. Northeast from Hurricane Ida are estimated at between $3 billion and $5 billion, according to CoreLogic Inc.
The Irvine, California-based catastrophe modeler said Wednesday that total insured flood losses for residential and commercial properties in the Northeast are estimated at between $5 billion and $8 billion, while uninsured flood losses for the area are estimated at between $11 billion and $16 billion.
Pennsylvania, New Jersey, New York, Connecticut and Massachusetts sustained 90% of the losses, CoreLogic said. The estimates include residential homes and commercial properties, including contents and business interruption, but do not include broader economic losses from the storm.
Ida continued to travel northeast after it made landfall in Port Fourchon, Louisiana, on Aug. 26. Downgraded to tropical storm status, it brought rainfall of six to nine inches in three hours to New York, New Jersey and surrounding states.
The record-setting precipitation caused flash flooding as the rain overwhelmed stormwater drainage systems in urban areas.
David Smith, senior leader of science and analytics at CoreLogic, said Ida’s effects on New York would have been worse if not for resilience-based repairs made after Superstorm Sandy that helped buttress against more severe damages.
CoreLogic previously estimated damages potentially topping $20 billion in the region impacted by Ida’s landfall.
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