Hurricane Beryl Caused Estimated $2-3B in Insured Losses to U.S. Property: Verisk

Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said.

Beryl made landfall near Matagorda Bay, Texas the morning of July 8 as a Category 1 hurricane. The storm tracked north as it moved further inland, hitting the Houston region head on.

The storm caused heavy rainfall, leading to roadways and homes becoming flooded throughout the Houston area and parts of western Louisiana. Wind damage included reports of tree damage to roofs, moderate levels of damage in the form of broken windows and tree damage to residential and apartment complexes, Verisk said.

Nearly 3 million households lost power in Texas from Beryl, including more than 2.2 million in Harris County alone.

“Widespread and prolonged power outages in Texas are likely to be a legacy of Beryl’s arrival in the state,” Verisk said. “The outages could well drive significant claims due to food spoilage, mold, and losses to additional living expenses and business interruption coverages.”

Verisk’s loss estimates do not include losses from storm surge, losses paid out by the National Flood Insurance Program, losses to inland marine, ocean-going marine cargo and hull, and pleasure boats, or losses to infrastructure.

Photo: People walk past a home where Maria Loredo, 74, died after a tree fell on her second story bedroom during Hurricane Beryl, July 8, 2024, in Houston. (Melissa Phillip/Houston Chronicle via AP)

Topics Catastrophe USA Natural Disasters Profit Loss Hurricane Property