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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.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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The fire is now 67% contained and has so far burned 219,267 acres, but no further structural damage has been reported.
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Nicholas is expected to move over southeastern Texas today and southwestern Louisiana on Wednesday.
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Total economic losses are thought to be around $900mn.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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Ongoing high claims from risks such as winter storm, wildfire or convective storm are playing into the climate-change debate over whether and to what extent cat reinsurers are mispricing their business.
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The fire is now 65% contained but has so far burned 219,267 acres and destroyed 1,003 buildings.
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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.
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Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
