Business
Isaias Could Cost Insurers a Few Billion Dollars. Much of Its Flood Damage May Not Be Insured at All.
Gallagher Re puts insured losses from Hurricane Isaias in the low to mid-single-digit billions of dollars if it comes ashore at Category 1 or 2 strength, and says reinsurers have the capital to absorb that. The larger risk falls on households: in many inland counties, take-up of federal flood insurance is 2 to 5 per cent or less.
