Aon Benfield's Global Catastrophe Recap for 2016 has some new information regarding the recent Louisiana floods. Calling this event "historic," the source said that losses could range between $10 and $15 billion.
Up to 110,000 homes were said to be damaged, and that more than 80 percent of the damaged homes didn't have flood insurance. All together, the flooding affected more than 250,000 structures and claims, and ranked as the United States event from August with the most specific estimate among four other events listed.
These included two other instances of flooding, one in the desert southwest and one in the Midwest. However, these other flood events were only listed with "hundreds" of impacted structures and claims for each. The Louisiana floods were also grouped with similar events in Mississippi, ranging from Aug. 9 to 16.
"More than 80 percent of the damaged homes didn't have flood insurance."
In a press release, the director and meteorologist of Aon Benfield's Impact Forecasting, Steve Bowen, described some of the results of the storms, especially given the large amount of uninsured residents affected.
"August was an active month for global natural disasters, led by two major catastrophes: historic flooding in Louisiana and a major earthquake in central Italy," Bowen said. "While both these events were multi-billion dollar disasters, unfortunately, the vast majority of the losses are likely to be uninsured, further exposing the reality that certain perils remain vastly underinsured regardless of region."
Claims processing services can provide much-needed manpower to regions where significant catastrophe leads to a high number of claims. Having professionals on hand when needed relieves the pressure on insurers nationwide.