Insurers Could Face $1 Billion In Offshore Rig Damage Claims from Hurricane Ida

Power lines are down along Main Street after Hurricane Ida swept through, in LaPlace, La., on Aug. 31, 2021. Charlotte Cuthbertson/The Epoch Times

Insurers are bracing for a hit of some $1 billion from physical damage to offshore rigs and structures from Hurricane Ida, according to preliminary estimates from property data and analytics company CoreLogic.

A CoreLogic spokesperson disclosed the estimates to Reuters, noting also that the preliminary projections don’t include losses from disruptions to production.