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Cat modelers' estimates vary widely on Harvey damage

By the numbers, estimates are looking grim for residents, business owners and insurers.

By Patricia L. Harman | Updated on September 08, 2017

Depending on which model is used, the damage estimates from Hurricane Harvey range from $15 billion in insured losses to total property damage estimates of $75 billion for flood damage alone. Add in wind and storm surge, and the numbers increase by another several billion dollars. Bottom line – Hurricane Harvey caused a significant amount of damage and insurers and modelers are still trying to determine the full scope of the destruction.

Actual numbers will probably not be available for months, but some modelers are providing data that allows their clients to begin planning how to assign their resources to different areas. Catastrophe (CAT) teams for multiple insurers have descended on Houston and other parts of Texas to service policyholders, and many had teams in place before Harvey even made landfall.

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Patricia L. Harman

Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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