Hurricane

The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.

Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.

Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.

Nicholas is expected to move over southeastern Texas today and southwestern Louisiana on Wednesday.

The NHC has said the storm will likely cause heavy rainfall and produce areas of considerable flash and urban flooding, especially in highly urbanised areas.

Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.

Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.

The 13th named storm of the season made landfall in the Florida Panhandle on Wednesday.

The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.

ICEYE said that nearly 4,000 buildings in Northern and Central New Jersey were impacted by devastating flooding after Ida made landfall and traveled to the Northeast.

The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.

The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.