When the flood waters left behind by Hurricane Harvey eventually recede, they will leave behind billions of dollars in property damage. However, a large majority of homeowners will likely have to spend their own money to make their homes livable again.
As floodwaters continue to surge in much of southeast Texas, hundreds of State Farm and Allstate employees have flocked to the state to start assessing the mounting damage from Hurricane Harvey.
Property and casualty insurer and reinsurer Lancashire Holdings is not exposed to the first $40 million of windstorm reinsurance claims and does not expect to pay out huge amounts from Tropical Storm Harvey, its head of investor relations said.
Tropical Storm Harvey made landfall in Louisiana early on Wednesday after hammering Texas, threatening more infrastructure in the heart of the U.S. oil and natural gas industry.
Fleets of commercial drones are primed to hover over the destruction from Tropical Storm Harvey in an unprecedented test of unmanned aircraft’s ability to assess billions of dollars in damage for the insurance industry and accelerate payouts for harried policyholders.
Tropical Storm Harvey made a second landfall just west of Cameron, La., early Wednesday, although any flooding was expected to be nowhere near levels that have devastated this battered city, forecasters said.
At Houston, United Airlines operates its second-biggest hub -- and one of its most profitable. One analyst estimates $265 million in lost revenue from Hurricane Harvey.
The Kraft family has offered to match up to $1 million in donations to the American Red Cross’ Hurricane Harvey Disaster Relief fund.<br /><br />The New England Patriots are working with the American Red Cross to create a site to accept these donations.
Hurricane Harvey’s whipsaw of wind and rain across Houston and the Texas Gulf Coast hurt the shares of U.S. property and casualty insurers on Monday as Wall Street analysts estimated insured losses as high as $20 billion.
The flooding from Hurricane Harvey, which has wreaked havoc in Texas, is both catastrophic and historic. The reported death toll rose to at least nine Monday, and officials were projecting that as many as 30,000 people will ultimately be evacuated from flooded homes in Houston and other cities and towns in the state.
As Hurricane Harvey continues to pound the Gulf Coast, drivers across the U.S. are bracing for the impact on their wallets. <br /><br />With gasoline costs already edging up following the most destructive storm since Hurricane Sandy in 2012, analysts said prices at the pump are likely to rise between 5 cents and 15 cents nationwide in the weeks ahead.
Texas is changing how weather-related insurance lawsuits are handled starting Sept. 1, when Tropical Storm Harvey has barely ceased dumping historic levels of rain on Houston and other parts of southeast Texas. Gov. Greg Abbott (R) signed the law, HB 1774, on May 27, promoting it as a way to protect insurance companies from frivolous hailstorm-released lawsuits, though it applies to all weather-related property damage, including from hurricanes, wildfires, and floods.
We’ve all seen plenty of heartbreaking images from Texas this weekend, as vicious floods continue to destroy lives and property in the wake of Hurricane Harvey. But some of the most chilling footage has been taken from the sky, as hobby drones in the region document the devastation that’s still taking place.
Swollen rivers in east Texas aren’t expected to crest until later this week, but federal officials are already predicting Tropical Storm Harvey will drive 30,000 people into shelters and spur 450,000 victims to seek some sort of disaster assistance.
Emergency workers begin releasing water into the Buffalo Bayou from two flood-control dams in Houston on Monday, a move that could impact thousands of residents, officials said.
