Moody’s RMS, the catastrophe risk modelling specialist, has estimated that the recent severe flooding in California, that was triggered by a spate of storms and atmospheric river events, could amount to as much as $1.5 billion in losses for the insurance industry.

Overall economic losses from the flooding in California are estimated at between $5 billion and $7 billion.

On that basis, Moody’s RMS says insurance market losses could be from $500 million to as much as $1.5 billion, including claims to the National Flood Insurance Program (NFIP), as well as private flood insurance.

The estimate reflects inland flood impacts for the U.S. and includes damage to infrastructure, Moody’s RMS said.

While the economic loss estimate includes property damage, contents, and business interruption, across residential, commercial, industrial, automobile and infrastructure assets.