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NFIP incurs more than $819M in losses from Harvey, PCS says

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NFIP incurs more than $819M in losses from Harvey, PCS says

The National Flood Insurance Program has received more than 87,000 claims related to Hurricane Harvey and incurred more than $819 million in losses as of Sept. 26, according to Property Claim Services.

Property Claim Services, or PCS, historically excluded NFIP losses from its insured loss estimates, is beginning to publish aggregate flood loss information supplied by the program starting with Harvey. Flood losses are expected to be a significant portion of the insured losses from hurricanes Harvey, Irma and Maria.

In Florida, Georgia and South Carolina, the NFIP has received 23,000 claims and incurred losses of $15.8 million thus far.

The Verisk Analytics Inc. business will publish NFIP losses only for PCS-designated catastrophe events and will develop a database for NFIP catastrophe loss data, which will be maintained separately from the existing PCS database for insured losses from catastrophe events for at least 12 months.