First Harvey damage estimates off the charts
A preliminary insurance analysis released Tuesday by RMS (which advises hundreds of insurers and financial institutions on their financial exposure from natural and human-made disasters and catastrophes) puts the economic loss from Harvey as high as $90 billion.
Why it matters: Because up to 80 percent of the homes and businesses in Houston aren't insured for flood damage (either privately or through federal flood insurance programs), the financial toll could be catastrophic. "The majority of these losses will be uninsured, given that private flood insurance is limited," said Michael Young, who heads RMS' climate risk modeling in the Americas. This will present a challenge to Congress and the Trump administration when it begins work on aid for the area.