On August 29, 2021, exactly 16 years following Hurricane Katrina, the Category 4 hurricane known as Ida reached landfall in Louisiana.  Ida claimed 116 lives, including 96 in the United States.

In a recent statement, Risk Management Services Inc. estimates insureds will likely file $25-$35 billion in claims, which does not include the northeastern U.S. that experienced collateral damage from tornados and flash flooding.  These projections include losses to the National Flood Insurance Programs in Alabama, Florida, Louisiana, and Mississippi.

Anticipated loss claims include property damage and business interruption to commercial, residential, and industrial sectors.  Also, RMS expects prolonged losses to specialty lines and business interruption losses as these businesses rely heavily on the state power grids that sustained widespread outages.

Read the entire article published by Business Insurance here.

Our thoughts continue with those affected by Hurricane Ida.

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