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Insurers: Harvey Was Texas’ Costliest Storm

Hurricane Harvey is officially the most expensive storm to batter the state in terms of insured losses, the Insurance Council of Texas reported. The insurance trade association expects Harvey will cost $19 billion in insured losses. Previously, Hurricane Ike was the costliest storm to hit Texas with $12 billion in insured losses...
September 20, 2017

Hurricane Harvey is officially the most expensive storm to batter the state in terms of insured losses, the Insurance Council of Texas reported. The insurance trade association expects Harvey will cost $19 billion in insured losses. Previously, Hurricane Ike was the costliest storm to hit Texas with $12 billion in insured losses.

“It has to do with your 50-inch rainfall and the fact that it flooded over 100,000 homes,” Insurance Council spokesman Mark Hanna said. “It’s the flooding that’s causing it.”

The council expects that the flooding of some 250,000 private passenger and commercial vehicles will cost $4.75 billion in insured losses. Insured windstorm and other storm-related property losses are expected to top $3 billion. This doesn't include residential property losses due to flooding or any uninsured losses.

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