Harvey’s Insured Losses Estimated To Cost Nearly $19 Billion

AUSTIN (CBSDFW.COM/AP) — The nation’s largest state insurance trade association estimates insured losses from Harvey at nearly $19 billion — and that doesn’t count damage not covered by insurance.

The Insurance Council of Texas says windstorm and other claims from Harvey will be worth nearly $3 billion. Approximately 250,000 damaged cars and commercial vehicles will trigger around another $4.75 billion in insurance claims.

“The number of uninsured homeowners who felt the full wrath of Harvey is staggering,” said ICT spokesperson Mark Hanna. “Undoubtedly, the full economic impact from Harvey on Texas, will not be known for some time.”

The council cites the Federal Emergency Management Agency (FEMA) in estimating that Harvey’s flooding will result in $11 billion in payments to homeowners with flood insurance. Those flood losses would be the second highest on record, trailing only Hurricane Katrina’s $16 billion.

Harvey battered Texas’ Gulf Coast and flooded a vast area stretching from Houston to the Louisiana border. The storm caused 70-plus deaths and damaged or destroyed more than 250,000 homes.

Until now the most costly storm in Texas history had been hurricane, which made landfall near Galveston in 2008 and resulted in $12 billion in insured losses.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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