Economic losses from Louisiana floods over $10B; insured losses much lower

By Erin Ayers on September 14, 2016

moneyCatastrophes in the month of August took a serious economic toll, with total damages from the “historic” Louisiana floods expected to top $10 billion and an earthquake in Italy leaving 266 people dead, according to Aon Benfield’s latest global catastrophe report.

“A slow-moving area of low pressure brought multiple days of extreme rainfall across parts of the Gulf Coast and Midwest in the United States, causing catastrophic flood damage in several communities,” stated Aon Benfield in its report. “At least 13 people were killed. States of emergency were declared in both Louisiana and Mississippi as several feet (meters) of floodwaters left homes, businesses, vehicles and agricultural land almost entirely submerged. As many as 110,000 homes and 100,000 vehicles were damaged or inundated in Louisiana alone.”

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eayers@advisen.com'

Erin is an editor at Advisen. She has 15 years of journalism experience. Prior to Advisen, Erin covered property-casualty insurance for 13 years as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at eayers@advisen.com.