Estimates of insured damage from Hurricane Ike vary widely - from $6 billion to $18 billion, according to several catastrophe risk modeling firms, but Texas Insurance Commissioner Mike Geeslin has pointed out that only insurance adjusters on the ground would be able to accurately assess the extent of losses resulting from the storm.

Catastrophe risk modeling firm AIR Worldwide Corporation has estimated insured losses to onshore properties in the United States from Hurricane Ike are between $8 billion and $12 billion, with an expected loss of $10 billion. Risk Management Solutions (RMS) projected preliminary insured losses of between $6 billion and $16 billion. That estimate includes both onshore and offshore losses.

Jerry Johns, with the Southwestern Insurance Information Service, noted that it is too early to accurately estimate insured losses and it may be weeks before preliminary numbers are available. “We are asking victims of Ike to be patient. Adjusters will be contacting them just as soon as possible,” Johns said.

September 16, 2008