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Harvey to cost Texas $58 billion in losses: report - Business Line
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<p>Economic losses in Texas from Hurricane Harvey, which is still pounding the water-logged US state with rain, will be some $58 billion (49 billion euros), according to a report released by disaster analysts in Germany today.</p>
<p>If that estimate holds, it would make Harvey the world’s 9th most expensive natural disaster since 1900, according to the Center for Disaster Management and Risk Reduction Technology (CEDIM) in Karlsruhe, Germany.</p>
<p>“The damage is extensive at around $58 billion, and is over 90 percent due to flooding,” said James Daniell, senior risk engineer at CEDIM, and head of its Forensic Disaster Analysis Group.</p>
<p>Other calculations of total economic loss have been considerably lower.</p>
<p>German insurance giant Hannover Re’s initial figure for damages was USD 3 bn (2.5 bn euros), while JP Morgan estimated the insurance sector could be out $10—20 bn (8.4—16.8 bn euros).</p>
<p>Disaster risk specialists Enki Holdings, based in Savannah, Georgia, puts the total tab at above $30 bn (25 bn euros).</p>
<p>To measure the region’s risk exposure, CEDIM used data from the US Bureau of Economic Analysis, which tracks investment.</p>
<p>“But we also checked that against building and replacement cost data,” Daniell said. “That’s usually the issue with a lot of other models —— they don’t get the exposure right.”</p>
<p>Total capital stock in Texas is about $4.5 trillion, and for the entire United States the figure is about $56 trillion, he said.</p>
<p>Their estimates are based in part on the world’s largest database of natural catastrophes, covering over 41,000 events since 1900.</p>
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<h3 class="title hidden-xs hidden-md hidden-sm marginBottom10"><a href="http://www.thehindubusinessline.com/news/world/kim-jong-un-for-reconciliation-and-dialogue-with-south-korea-after-delegations-olympic-visit/article22739299.ece" title="Updated: February 13, 2018 13:37 IST&#013;Published: February 13, 2018 13:34 IST"> Kim Jong Un for ‘reconciliation and dialogue’ with South Korea after delegation’s Olympic visit</a></h3>
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<h3 class="tpNewsSectitle visible-xs visible-md visible-sm"><a href="http://www.thehindubusinessline.com/news/world/kim-jong-un-for-reconciliation-and-dialogue-with-south-korea-after-delegations-olympic-visit/article22739299.ece"> Kim Jong Un for ‘reconciliation and dialogue’ with South Korea after delegation’s Olympic visit</a></h3>
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<p class="ltext visible-xs" title="Updated: February 13, 2018 13:37 IST&#013;Published: February 13, 2018 13:34 IST">North Korea’s leader said he wants to boost the “warm climate of&nbsp;...</p>
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<a href="http://www.thehindubusinessline.com/news/world/south-africas-anc-decides-to-remove-zuma-as-head-of-state/article22738654.ece"><p class="ltext" title="Updated: February 13, 2018 11:18 IST&#013;Published: February 13, 2018 11:16 IST">Head of state mired in corruption allegations </p></a>
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<a href="http://www.thehindubusinessline.com/news/world/wall-street-bounces-back-after-tumultuous-week/article22738362.ece"><p class="ltext" title="Updated: February 13, 2018 11:16 IST&#013;Published: February 13, 2018 09:58 IST">Vix fear index ends at lowest point since February 2</p></a>
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<h3 class="title"><a href="http://www.thehindubusinessline.com/news/world/cyclone-wreaks-havoc-in-tongas-capital-parliament-flattened-homes-wrecked/article22738296.ece">Cyclone wreaks havoc in Tonga's capital, parliament flattened, homes wrecked </a></h3>
<a href="http://www.thehindubusinessline.com/news/world/cyclone-wreaks-havoc-in-tongas-capital-parliament-flattened-homes-wrecked/article22738296.ece"><p class="ltext" title="Updated: February 13, 2018 09:51 IST&#013;Published: February 13, 2018 09:45 IST">Cyclone now tracking towards Fiji's southern islands </p></a>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/economy/how-passengers-and-airlines-will-benefit-from-in-flight-wi-fi-services/article22670354.ece" title="Updated: February 6, 2018 23:03 IST&#013;Published: February 6, 2018 20:40 IST">No more in airplane mode</a></h3>
<a href="http://www.thehindubusinessline.com/economy/how-passengers-and-airlines-will-benefit-from-in-flight-wi-fi-services/article22670354.ece"><p class="ltext" title="Updated: February 6, 2018 23:03 IST&#013;Published: February 6, 2018 20:40 IST">The TRAI recommendation to allow in-flight Wi-Fi services is a positive step, and if structured properly,&nbsp;...</p></a>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/specials/india-file/ujjwala-lights-up-dreams/article22733543.ece" title="Updated: February 13, 2018 11:47 IST&#013;Published: February 12, 2018 20:51 IST"> Ujjwala lights up dreams</a></h3>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/specials/india-file/the-silent-lpg-revolution/article22733539.ece" title="Updated: February 13, 2018 11:34 IST&#013;Published: February 12, 2018 20:49 IST"> The silent LPG revolution</a></h3>
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<h3 class="title marginTopBot20"><a href="http://premium.thehindubusinessline.com/portfolio/are-funds-ready-for-volatility/article22715319.ece" title="Updated: February 10, 2018 19:43 IST&#013;Published: February 10, 2018 18:17 IST"> How prepared are they?</a></h3>
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<h3 class="title marginTopBot20"><a href="http://premium.thehindubusinessline.com/portfolio/beyond-stocks/time-to-consider-ulips-in-your-portfolio/article22715380.ece" title="Updated: February 10, 2018 19:52 IST&#013;Published: February 10, 2018 18:19 IST">Time to take shelter under ULIPs</a></h3>
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<a href="http://www.thehindubusinessline.com/blink/hang/quiz-on-computers/article22701760.ece"><p class="ltext" title="Updated: February 9, 2018 16:11 IST&#013;Published: February 9, 2018 16:11 IST">On February 10, 22 years ago, the IBM super computer Deep Blue defeated world champion Garry Kasparov for the&nbsp;...</p></a>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/blink/hang/get-smart/article22701845.ece" title="Updated: February 9, 2018 16:19 IST&#013;Published: February 9, 2018 13:23 IST">Get smart</a></h3>
<a href="http://www.thehindubusinessline.com/blink/hang/get-smart/article22701845.ece"><p class="ltext" title="Updated: February 9, 2018 16:19 IST&#013;Published: February 9, 2018 13:23 IST">“Have you heard?” asks Bins. “There’s a gadget to help humans to overcome their addiction to smartphones.”&nbsp;...</p></a>
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<a href="http://www.thehindubusinessline.com/blink/takeaway/red-hot-chilli-peppers/article22701903.ece"><p class="ltext" title="Updated: February 9, 2018 15:45 IST&#013;Published: February 9, 2018 13:29 IST">The mighty little fruit is having a second coming of sorts, as sauces</p></a>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/catalyst/riding-on-aspirations/article22694007.ece" title="Updated: February 9, 2018 15:41 IST&#013;Published: February 8, 2018 20:58 IST">Riding on aspirations</a></h3>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/catalyst/ai-rules-marketers-mindspace/article22694055.ece" title="Updated: February 8, 2018 23:07 IST&#013;Published: February 8, 2018 21:01 IST">AI rules marketers’ mindspace</a></h3>
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<h3 class="title marginTopBot20"><a href="http://www.thehindubusinessline.com/specials/india-file/ujjwala-lights-up-dreams/article22733543.ece" title="Updated: February 13, 2018 11:47 IST&#013;Published: February 12, 2018 20:51 IST"> Ujjwala lights up dreams</a></h3>
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