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Wind-linked insurance losses from Hurricane Harvey likely below $6 billion: RMS
August 25, 2017 / 4:57 PM / a month ago

Wind-linked insurance losses from Hurricane Harvey likely below $6 billion: RMS

LONDON (Reuters) - Wind-related insurance losses from Hurricane Harvey are unlikely to exceed $6 billion and could end up being below $1 billion in some scenarios, risk modeling firm RMS said on Friday.

The hurricane is set to make landfall late Friday or early Saturday on the coast of Texas in the United States, potentially the most powerful hurricane to hit the U.S. mainland in more than a decade.

“Our selection of scenarios suggests something in the low single-digit billions is most likely from wind damage,” RMS said in an email.

There was likely to be further damage from storm surges and inland flooding, which could be the “dominant drivers” for losses, RMS said.

Reporting By Carolyn Cohn, editing by Lawrence White and John Stonestreet

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