Insurer Hanover Re is expecting total damages from Tropical Storm Harvey to fall below the levels of Hurricanes Katrina and Sandy, CNBC reported Monday.
However, insurance research group the Insurance Information Institute told Fox Business that flood damage alone from the storm could match the $15 billion in damage it estimated Katrina caused.
Sandy, which hit the Northeast in 2012 was responsible for $36 billion in damage while Katrina, which hit the Gulf Coast in 2005, caused damages topping $80 billion, according to Hanover.
Insured losses so far are for less than $3 billion, CNBC reported. Harvey is expected to dump more rain on southeast Texas Monday.
Other damage estimates continued to flow in Monday.
Harvey Cost Estimate Jumps to $30B, Enki Research Says: BBG— zerohedge (@zerohedge) August 28, 2017
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