Updated: 3:48 p.m. ET
(Bloomberg) – On Tuesday morning, disaster analyst Chuck Watson pegged $42 billion as a reasonable estimate for the cost of destruction Tropical Storm Harvey would leave in its wake. By dawn Wednesday, he had raised that to much as $75 billion.
Harvey's initial blast along the Texas coast as a Category 4 hurricane was bad enough, sending gasoline prices surging and crude futures plunging as refineries shut. Now the storm has returned, making landfall a third time in Louisiana, which was devastated by Hurricane Katrina in 2005.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
