Hurricane Ida could cost insurers almost $18BN

Ida pummeled Louisiana with some of the strongest winds to ever hit the United States’ Gulf Coast, damaging homes, schools and hospitals.

Hurricane Ida, which swept through Louisiana with some of the strongest winds ever to hit the state, knocking out power to millions of homes and businesses, is estimated to have caused almost $18 billion in damage that’ll be covered by insurers, according to one risk-modeling firm. Karen Clark & Co. estimates that the bulk of the insured losses occurred in the U.S., with just $40 million of covered damage in the Caribbean. The estimate includes privately insured damage to vehicles, houses and commercial and industrial properties, but does not include boats, offshore properties or National Flood Insurance Program losses. Ida pummeled Louisiana with maximum sustained winds of 150 miles per hour (240 kilometers per hour) when it made landfall in the U.S. near Port Fourchon, Louisiana, according to Karen Clark & Co. Those winds took down trees and power lines and damaged schools, hospitals and other buildings, including complete roof and wall collapses in some cases. Analysts had said earlier they expected insured damages to range from $15 billion to $20 billion.