Implode-o-Meter News - Harvey Costs Seen at Catastrophic Levels With Many Uninsured

Most people with flood insurance buy policies backed by the federal government's National Flood Insurance Program. As of April, less than one-sixth of homes in Houston's Harris County had federal coverage, according to Aon. That would leave more than 1 million homes unprotected in the county. Coverage rates are similar in neighboring areas. Many cars also will be totaled.
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The federal program itself is already struggling with $25 billion of debt. The existing program is set to expire on Sept. 30 and is up for review in Congress, which ends its recess Sept. 5.
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Costs still will likely soar for insurance companies and their reinsurers, biting into earnings. As Harvey bore down on the coastline Friday, William Blair & Co., a securities firm that tracks the industry, said the storm could theoretically inflict $25 billion of insured losses if it landed as a "large category 3 hurricane."

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Harvey Costs Seen at Catastrophic Levels With Many Uninsured