AccuWeather has estimated that the catastrophic flash flood disaster in Texas has caused an estimated $18 billion to $22 billion in total damage and economic loss.

According to the firm, these figures include the cost of search and recovery efforts, the extensive cleanup ahead, insurance claims and impacts on future tourism in the region.

At least 105 people reportedly died in the flooding across central Texas, with the majority of fatalities occurring in Kerr County.

Flash floods struck from Thursday night into Friday morning, with several months’ worth of rain falling in hours and the Guadalupe River rising 26 feet in just 45 minutes.

President Donald Trump signed a major disaster declaration on Sunday for Kerr County, activating the Federal Emergency Management Agency in Texas.

“We’re working very closely with representatives from Texas, and it’s a horrible thing that took place, absolutely horrible,” Trump said.

As Reinsurance News understands, insurance and reinsurance market losses are likely to come in meaningfully below any economic estimate, given that flood insurance is not always taken up by policyholders.

AccuWeather suggested that an estimated 4% of homeowners in the U.S. have flood insurance through the National Flood Insurance Program (NFIP), although the uptake in the NFIP program tends to be higher in communities along waterways, such as rivers, where some of the flooding has occurred in this event.

AccuWeather Chief Meteorologist Jonathan Porter commented, “The horrific loss of life in this flash flooding disaster is heartbreaking. Our hearts go out to the survivors, first responders, officials and volunteers helping families who have lost loved ones in the flood waters.

“This latest weather disaster in the United States could further complicate the insurance availability and affordability challenges that many Texas families and businesses are struggling with.”

Looking forward, AccuWeather Chief On-Air Meteorologist Bernie Rayno noted, “There is a concern we have that on Tuesday and Wednesday, with humidity levels remaining high, there is another flare-up or cluster of thunderstorms thereof somewhere over central and eastern Texas.”

According to AccuWeather, any thunderstorm can disrupt search and rescue efforts, not only due to the risk of renewed flooding, but also because lightning poses a serious danger, often forcing officials to pause operations until conditions improve.

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