RMS Revises Ike Loss Estimates
On Wednesday revised estimates of insured losses from Hurricane Ike were released by Risk Management Solutions (RMS), putting the costs at between $7 billion and $12 billion.
Originally, RMS estimated the losses to be between $6 billion and $16 billion; the revised range reflects damage-report analysis and on-site assessments, according to the catastrophe modeler.
The hurricane, which made landfall Saturday morning on Galveston Island, Texas, as a strong Category 2 storm, caused minimal damage to the commercial center of downtown Houston, Christine Ziehmann, director of model management at RMS, said in the statement.
"Most of the large industrial facilities, including the oil refineries, escaped significant flooding or other damage, though they are dependent on power being restored to regain operations," Ms. Ziehmann said.
RMS reported that it is still uncertain how much of the loss will be covered by flood or wind policies, particularly in coastal areas that were struck by the strongest winds and storm surge.
Published on September 18, 2008
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