Cat Loss Update: 3 Weeks Post-Harvey

September 15, 2017

Three weeks after Hurricane Harvey made landfall in Texas, claims tallies and the storm’s financial impact are beginning to be calculated.

The Insurance Council of Texas estimated $19 billion in insured losses resulting from Hurricane Harvey. The ICT reports massive flooding impacted a 200-mile-long area of Texas.

Wright Flood, a National Flood Insurance Program service provider with teams of adjusters in Texas and Louisiana, reported $24 million has been paid for Harvey claims.

Earlier this week, The Texas Wind Insurance Association reported it had received more than 55,000 claims and the Texas FAIR Plan Association had received more than 13,000 claims.

State Farm tallied Harvey claims through end of day Thursday and reported 35,200 auto claims in Texas, 1080 in North Carolina and 580 in Louisiana. In addition, the insurer reported 41,400 property claims in Texas, 870 in North Carolina, 670 in Tennessee and 610 in Louisiana.

Farmers Insurance reported more than 40,000 claims and estimated the hurricane and related storms will top out at an estimated 60,000 claims, with an estimated gross cost of $500 million. Net incurred loss is estimated to be $140 million after reinsurance and taxes, the insurer reported.

Travelers announced earlier this week that it estimated its catastrophe losses relating to Hurricane Harvey, including estimated recoveries from reinsurance, will range between $375 million to $750 million pre-tax ($245 million to $490 million after-tax).

Assurant also reported preliminary estimates of pre-tax reportable catastrophe losses, resulting from Hurricane Harvey to result in $134 million – $140 million pre-tax of reportable catastrophe losses, net of reinsurance, and reinstatement premiums for its Global Housing business unit.

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