Tropical Storm Ida Causes $16b To $24b In Losses For The Northeast Region

CoreLogic recently released additional loss estimates for Tropical Storm Ida, one of the worst flooding events to ever hit this region of the country. In Louisiana and Mississippi, initial estimates were between the range of $27 billion and $40 billion in insured and uninsured losses from wind, storm, and flood damage. According to new estimates from CoreLogic, Tropical Storm Ida caused an estimated $16 billion to $24 billion in insured and uninsured losses in the Northeast region. 

Pennsylvania, New Jersey, New York, Connecticut and Massachusetts sustained 90% of the losses from Tropical Storm Ida. Total insured flood loss for residential and commercial properties in the Northeast is estimated to be between $5 billion to $8 billion, while uninsured flood losses are estimated to be between $11 billion and $16 billion. 

“Given the prevalence of multifamily housing and below-ground structures in these areas, we’ll see more extreme interior content damages than we typically see in southern coastal areas,” said Shelly Yerkes, senior leader of insurance solutions at CoreLogic. “For example, many of the heating, ventilation and air conditioning systems in New York City buildings are in the basements, so contents damage should be substantial.”

In the aftermath of Hurricane Ida, a landfall occurred in Port Fourchon, Louisiana, and continued to travel Northeast, downgrading it to tropical storm status. This still brought a devastating amount of rainfall to New York and New Jersey, with flood waters rising up six-to-nine inches. 

The rain overwhelmed storm drainage systems in urban areas where average monthly rainfall only reaches three inches. The areas affected by Tropical Storm Ida were very near impact areas from Superstorm Sandy in 2012. This caused extensive flooding along the coastlines and shorelines of the East River and the Hudson River. As catastrophic weather events become more commonplace, local governments and property owners should take measures to improve infrastructure and home resilience.  

“The flooding from Superstorm Sandy was more severe than Tropical Storm Ida,” said David Smith, senior leader of science and analytics at CoreLogic. “Due to the repairs made in 2012, such as strengthening buildings and infrastructure and addressing deferred maintenance, New York was less vulnerable. Tropical Storm Ida’s effects on New Yorkers would have been worse if we hadn’t conducted these resilience-based repairs after Superstorm Sandy.”

For more up-to-date information on Hurricane Ida, visit www.hazardhq.com.