April 12, 2018      5:20 PM
TDI now pegs the cost of Harvey at $19.4B to private insurance companies
Harvey claims now top claims filed 60 days after Hurricane Ike, but only in terms of dollars and not in terms of number of claims. Harvey has 717,000 claims filed at the 60-day mark, which have cost insurers $7.7 billion
The ultimate cost of last year’s Hurricane Harvey
to the private insurance industry has been bumped to $19.4 billion, adding
another $3.7 billion in payouts on top of the earliest project storm costs
presented to lawmakers last year by the Texas Department of Insurance.
Actuary Brian Ryder presented the numbers of TDI’s
second Harvey data call -- claims and anticipated claims -- as of two months
after the two-pronged storm hit the Texas Gulf Coast. The initial data call had
pegged the storm’s cost at $15.7 billion, with the caveat that the numbers were
likely to rise due to some early technical glitches with data.
Today’s hearing of the House Insurance Committee,
where the numbers were presented, will be one of Chair Rep. Larry Phillips,
R-Sherman, last. Phillips is not returning for another term.
By Kimberly Reeves