Newark, Calif. — Risk Management Solutions (RMS) has updated its estimate for U.S. onshore and offshore insured losses from Hurricane Ike to $13 to $21 billion, of which $10 to $15 billion is estimated for wind and storm surge in Texas and Louisiana. The estimate also includes $2 to $3 billion from inland wind and flood losses and $1 to $3 billion in offshore losses, but does not include losses covered by the National Flood Insurance Program.
Newark, Calif.-based RMS published a preliminary loss estimate of $7 to $12 billion on September 17 shortly after Hurricane Ike made landfall over Galveston Island, Texas. The revised loss estimate is based on a new post-event modeling methodology that captures the uncertainty in Ike’s wind and storm surge footprint, due to the lack of observations, using an ensemble of 300 varying simulations of this footprint.
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