Hurricane Ida losses likely short of Katrina totals, could hit $25B

Source: SP GLobal — 

Preliminary loss estimates from Hurricane Ida approach $25 billion, but should remain well below what the U.S. Gulf Coast saw in August 2005 when it was devastated by Hurricane Katrina.

While Ida is expected to generate significant economic and insured losses in Louisiana, it is “unlikely to trigger ratings downgrades of individual property and casualty insurers or reinsurers,” according to Fitch Ratings. There is the potential for industry loss of $15 billion to $25 billion, according to the rating agency. That figure is below the record $65 billion of insured losses from Katrina, which struck Louisiana on the same date as Ida 16 years ago and became the largest insured loss event in U.S. history.