Insured losses from Hurricane Rita are estimated to be $4.7 billion, making it the ninth-worst event in U.S. history, according to the Insurance Services Office Property Claim Services division.
Unlike modelers, ISO's figures are based on a survey of insurers who say they expect 400,000 claims from policyholders in the devastated areas. The claims will consist of damage to personal and commercial property, autos, boats and yachts.
The storm hit seven states, but not as bad as initially feared, ISO noted. Louisiana had the highest loss at $2.4 billion, followed by Texas at $2.2 billion, with three of the state's Gulf Coast communities–Beaumont, Orange and Port Arthur–suffering extensive wind damage.
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