Flood damage from Hurricane Harvey may equal that from 2005's Hurricane Katrina, the costliest natural disaster in U.S. history, according to Insurance Information Institute. Fred Katayama reports.
Flood damage in Texas from Hurricane Harvey may equal that from Hurricane Katrina, according to the Insurance Information Institute. At $15 billion in flood insurance losses, Katrina was the costliest natural disaster in U.S. history. Insurance Information Institute's Loretta Worters: (SOUNDBITE) LORETTA WORTERS, VICE PRESIDENT, MEDIA RELATIONS, INSURANCE INFORMATION INSTITUTE (ENGLISH) SAYING: "Losses from Hurricane Harvey could be similar to Katrina in terms of flooding. While we don't know what the loss estimates would be, we're finding that a significant amount of the loss would be from flooding. That is covered by the National Flood Insurance Program. And, also, there will be some wind damage, likely occurring as well, to significant coastal areas of the state." Those wind damages to homes, businesses, and autos will be covered by insurers. In most cases, auto insurance will also cover flooding. Hannover Re, one of the world's largest reinsurers, estimates that the cost of all of it will be less than $3 billion.