Included in the estimates are losses to onshore residential, commercial, industrial properties, and automobiles for their building, contents, and time element coverage, as well as estimated insurance take-up rates for wind and flood across the entirety of Ida’s track, including the flooding that occurred in the Northeast.

AIR’s losses do not include any estimate of losses from the National Flood Insurance Program, or any losses from offshore assets. The industry loss estimates also reflect an adjustment to account for increased material and other repair costs in the current construction market.

Insured losses to offshore platforms, rigs, and pipelines are estimated to be between $700 million and $1.5 billion, according to industry experts.

That is markedly below $2 billion to $3 billion of insured losses suffered by operators during Hurricane Katrina in 2005 as estimated by the Insurance Information Institute.