Hannover Re, one of the world’s largest reinsurers, claimed insured losses from the massive storm that hit New Orleans in 2005 were around $80 billion, while losses from Sandy were $36 billion. Losses from Harvey are expected to be less than $3 billion, according to the group’s report.
“We are far from Katrina and Sandy in magnitude in the case of Hurricane Harvey,” a spokeswoman for the company told reporters. Harinover made its claims despite widespread reports indicating Harvey has laid waste to large sections of southeast Texas.
Harvey, which began as a Category 4 hurricane and eventually reduced to a tropical storm, brought with it torrential downpours and flooding. Officials predicted Monday morning that more than 30,000 people will scurry for shelters in Houston due to fallout from tropical storm Harvey.
Five people were reported dead and several wounded as Harvey makes its slow crawl from a Category 4 to a tropical storm
The storm has stalled but warm waters from the Gulf of Mexico are giving the tropical depression new life and will continue to dump rain on Texas throughout the week, forecasters said Sunday. Sustained flooding and rain could alter Hannover Re’s assessment. “It’s going to last four to five days,” Houston Mayor Sylvester Turner said.
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