Moody’s RMS Predicts $3B to $5B in Hurricane Idalia Insured Losses
Tuesday, September 5th, 2023 CatastropheAnother estimate for the eventual insurance and perhaps reinsurance market loss from hurricane Idalia has been released, with Moody’s RMS opting for a $3 billion to $5 billion range.
The industry loss estimate includes privately insured wind, storm surge, and inland flooding impacts for the United States only from major hurricane Idalia.
But, Moody’s RMS also estimates that losses to the National Flood Insurance Program (NFIP) could be around $500 million.
The company said that its ‘best estimate’ for private insurance market losses from hurricane Idalia is $3.5 billion.
Moody’s RMS’ industry loss estimate for hurricane Idalia compares to the around $2.2 billion estimate from Karen Clark & Company last week, and the Verisk estimate from earlier today of between $2.5 billion and $4 billion.
