As the damage from Hurricane Harvey and Irma are assessed, National weather forecast AccuWeather predicts the destruction left approx. $290 billion in damages, as reported by CBS 11.
Hurricane Harvey and Hurricane Irma are reportedly the 1st pair of Category 4 or higher storms to kit the U.S. mainland in the same season.
AccuWeather founder Dr. Joel Myers said, “Some of the losses will be covered by insurance, some will not, so the losses will be felt in a variety of ways by millions of people. Many millions of people have already been evacuated, so their lives have already been affected and they have incurred costs of one sort or another.”
The damages are expected to be higher than that of Hurricane Katrina, which brought upwards of $250 billion in loss that the region it affected.
Barrie Cornes, analyst at stockbroker Panmure Gorden predicts insurances companies will most likely have to handle 50% of the reported damage.