From a business insurance source: Harvey damage illustrates need for disaster preparedness: Study. Excerpts:
Hurricane Harvey served as a stark wake-up call about the need to enhance flood resilience, including limiting or preventing federal insurance coverage of new properties in flood zones, according to a study released Thursday.
Harvey made landfall near Rockport, Texas, on Aug. 25, 2017, as a Category 4 storm and dropped more than 40 inches of rain over the next four days, causing catastrophic flooding. Total economic damage from the hurricane is estimated at $125 billion, according to the National Oceanic and Atmospheric Administration Office for Coastal Management, making it the second-costliest tropical cyclone on record after Hurricane Katrina.
But only a small fraction of these Harvey losses, about $19.4 billion, were insured, including $8.4 billion in flood losses insured by the National Flood Insurance Program, $2.7 billion in insured vehicle losses, $4.9 billion in insured commercial losses and $3.4 billion in other losses, according to a Post-Event Review Capability study on the Houston floods resulting from Harvey conducted by Zurich Insurance Group Ltd., ISET-International — a nonprofit organization committed to building resilience — and the American Red Cross Global Disaster Preparedness Center.