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Hurricane Ida Seen Costing Insurers at Least $15 Billion

  • Insurers including Allstate, USAA ready response teams
  • State Farm has seen just over 2,600 claims start coming in
Bourg fire chief TJ Pellegrin checks on a couple after Hurricane Ida passed in Bourg, Louisiana, on Aug. 29.

Bourg fire chief TJ Pellegrin checks on a couple after Hurricane Ida passed in Bourg, Louisiana, on Aug. 29.

Photographer: Mark Felix/AFP/Getty Images
Updated on

Hurricane Ida could cost insurers at least $15 billion, according to one of the earliest estimates, as analysts start assessing the damage from one of the most powerful storms to strike Louisiana and the Gulf Coast. 

That was the low end of a preliminary estimate by Wells Fargo & Co. insurance analysts led by Elyse Greenspan, who said damages covered by insurers could be as high as $20 billion, according to a note to clients on Sunday.