FRANKFURT—Damages from Harvey, the hurricane and tropical storm ravaging Houston and the Texas Gulf Coast, are estimated to be well below those from major storms that have hit New Orleans and New York, according to Hannover Re on Monday.
Hannover Re, one of the world’s largest reinsurers, said that insured losses for Katrina in 2005 were around $80 billion, while losses from Sandy in 2012 were $36 billion.
Flooded downtown is seen from a high rise along Buffalo Bayou after Hurricane Harvey inundated the Texas Gulf coast with rain causing widespread flooding, in Houston, Texas, U.S. on Aug. 27, 2017. Twitter/@caroleenarn via REUTERS
