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Hurricane Harvey

Hurricane Harvey worst case scenario: US$100 billion in damages

Property damage alone could be in the US$30 billion range

PUBLISHED : Wednesday, 30 August, 2017, 12:21pm
UPDATED : Wednesday, 30 August, 2017, 12:32pm

By Brian Sozzi

Hurricane Harvey is proving to be one insane storm.

And with any insane storm, comes huge costs to repair homes and infrastructure. TheStreet’s founder and Action Alerts PLUS portfolio manager Jim Cramer estimates the worst case scenario in terms of Harvey damages at US$100 billion. Others on Wall Street also have big forecasts.

Chubb Ltd. (CB), Travelers Corp. (TRV) and other insurers could face as much as US$20 billion in losses from Hurricane Harvey, as extensive flooding in the Houston area leads to big claims on commercial-property policies, JPMorgan Chase & Co. has warned.

Property damages from Tropical Storm Harvey “in the range of US$30 billion” could impede GDP growth in the third quarter of 2017, Goldman Sachs analysts said in a new note.

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Read the original article at The Street