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Insurance Industry News from ProgramBusiness.com
Rita Damage EstimateRisk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, has estimated that insured losses from Hurricane Rita are likely to range from $4 to $7 billion, based on current information on landfall location and wind speeds. The $4 - $7 billion estimate is comprised of the following storm-related components: * $3 - $5 billion onshore damage resulting from wind, storm surge, and rainfall-related flood hazards. RMS' modeling of wind impacts includes both damage to buildings and notable tree fall damages. The estimate also includes expected demand surge effects, resulting from the inflation of material and labor costs in the region in the aftermath of Hurricanes Katrina and Rita. * $1 - $2 billion offshore platform damage and loss of production The preliminary estimate excludes the New Orleans flooding situation that erupted over the weekend. "Hurricane Rita is comparable to last year's Charley in that its damage is spread across a low population density region of agricultural and fishing-related industries," said Kyle Beatty, Meteorologist, RMS. "There is also notable damage to offshore platforms, refineries and by-products industries of petroleum manufacturing."Click for the whole story...