Ike Insured Damage Estimates Range from $6B to $18B
Texas / South Central News • September 15, 2008
Estimates of insured damage from Hurricane Ike vary widely - from $6 billion to $18 billion, according to several catastrophe risk modeling firms, but Texas Insurance Commissioner Mike Geeslin has ...
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Subject: RE: IKE DAMAGE - test of the TWIA
Posted On: September 16, 2008, 7:17 pm CDT
Posted By: Kent
Comment:
Mark, you must not be aware of the extent of the damages done by Ike. On Bolivar and Galveston it leveled entire communities - the only thing left of the houses is the stilts sticking out of the ground that once held up the houses. The entire city of Crystal Beach looks like Hiroshima after the atomic bomb was dropped on hit - only the valut section of the bank and the post office (which is built like a bunker) is standing.
This will be a great test of the Texas Windstorm Insurance Association that is badly under funded. The TWIA won't have enough reserves to pay the damages and will look to carriers to pay the majority of the damages. How are the citizens in the rest of Texas going to feel about their insurance carriers having to raise their premiums to fund their carrier's share of the damages on the coast. This is a prime opportunity for carriers to show how unfair the current system operates and bring about a public outcry to revise a broken system.
On the positive side, this is a great opportunity for people of the section of the coast damaged by Ike to either rebuild a structure capable of withstanding a cat 5 hurricane or turn their lot into a pad for a travel trailer that they can hook to a truck and pull out of harms way when a hurrican get close.
Subject: RE: IKE DAMAGE - test of the TWIA
This will be a great test of the Texas Windstorm Insurance Association that is badly under funded. The TWIA won't have enough reserves to pay the damages and will look to carriers to pay the majority of the damages. How are the citizens in the rest of Texas going to feel about their insurance carriers having to raise their premiums to fund their carrier's share of the damages on the coast. This is a prime opportunity for carriers to show how unfair the current system operates and bring about a public outcry to revise a broken system.
On the positive side, this is a great opportunity for people of the section of the coast damaged by Ike to either rebuild a structure capable of withstanding a cat 5 hurricane or turn their lot into a pad for a travel trailer that they can hook to a truck and pull out of harms way when a hurrican get close.