Catastrophe modeling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Harvey's winds and storm surge in Texas will range from $1.2 billion to $2.3 billion.

AIR's current estimates include wind and storm-surge damage within the extent of Harvey's tropical storm-force and hurricane-force wind field. Included in the estimates are onshore residential, commercial, and industrial properties and their contents, automobiles, and additional living expenses for residential properties and business interruption for commercial properties.

These estimates do not include business interruption losses resulting from the closure of oil refineries in the region or the impact of the ongoing rain and flooding following Harvey's arrival.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].