RMS REVISES IDA LOSS ESTIMATE TO UP TO $44BN

RMS has re-calculated insured losses in the US from Hurricane Ida to be in a range of $31bn to $44bn. Earlier this month the US catastrophe modeller estimated losses to be in a range of $25bn to $36bn, but that included losses only in states affected shortly before and after Ida’s August 29 landfall: Louisiana, Alabama, Mississippi and Florida. RMS’s updated estimate adds $6bn to $9bn in losses tied to subsequent flooding in the Ohio Valley, mid-Atlantic states and the north-east US. Of those flood losses, around $4.5bn to $7bn will be borne by private insurers and $1.5bn to $2bn will go to the National Flood Insurance Program, RMS said.