Flood in Texas Forces Thousands to Evacuate Their Homes

Reports indicate that due to Hurricane Harvey and the subsequent rains in Texas, thousands have been forced to evacuate their homes, with expectations that this number will rise to 30,000. According to Reuters, National Guard, police, and citizens have rescued hundreds trapped in Houston using helicopters, boats, and SUVs. Houston is the fourth largest city in the U.S. Harvey, the most severe storm to hit Texas in the past 50 years, began on Friday and has already resulted in at least six fatalities. It is expected that the storm will continue in the coastal areas of the Gulf of Texas in the coming days. Government and local officials say that on Monday at least 5,500 people were moved to an emergency shelter, with an expectation that another 30,000 will be temporarily housed in shelters. The American Red Cross reports that these 5,500 individuals are housed at the George R. Brown Convention Center, which still has space for another 5,000. The mayor of Houston has also stated that additional locations for flood victims have been designated. President Donald Trump is scheduled to visit Texas on Tuesday to oversee relief efforts in the affected areas. According to CNN, over 60 centimeters of rain has fallen in Houston so far, with expectations of more than 60 centimeters more by Saturday. Police report that rescue teams saved at least 2,000 trapped citizens on Monday. Estimations of the damage from Hurricane Harvey and the risks posed by climate change have emerged. Insurance company managers have stated that the damages from Hurricane Harvey, which has affected Houston and the Gulf Coast, will be much less than the damages from recent storms in New Orleans and New York. Reuters reports that given the few natural disasters this year, insurance companies are likely to accept claims from Hurricane Harvey more easily. However, due to low interest rates, covering these costs will be burdensome for the insurance sector and negatively impact shareholder profitability. As initial assessments of the damage from Hurricane Harvey are underway, experts from major insurance companies predict that severe storms will occur in the future due to climate change. They state that the number of storms in certain parts of Europe and the U.S. will increase compared to the last decade. A research center in the insurance industry that studies climate change risks has stated, 'The storms today will be more intense. The number of storms may not increase, but their intensity will. Therefore, the base insurance rates must change accordingly.' Hurricane Harvey occurred just days before a meeting of executives from major insurance companies in Monte Carlo, where one of the main topics will be the review of base insurance rates, which many companies currently consider too low. Two German insurance companies in Munich and Hanover, among the largest active in this field, say current data indicates that the losses for insurance companies from Hurricane Harvey will be much less than those from Hurricane Katrina, which caused $75 billion in damages, or Hurricane Sandy, which caused $30 billion. A natural disaster consulting firm announced on Monday that the damages from Hurricane Harvey, excluding flood damages, will range from $1.2 to $2.3 billion. Reuters adds that the relatively low damage from Hurricane Harvey does not alleviate the pain of those whose homes have been flooded or whose safety is still at risk. Given the continued rainfall in the coming days, Houston will face even more severe flooding. In light of this forecast, part of the region's water reserves was released on Monday to control the severe flood flow. Other insurance companies, including Swiss Re, have stated that it is still too early to estimate the total damages from Hurricane Harvey. A Texas insurance council official said, 'Very large areas have been affected by the storm and flooding in recent days, and it is likely that claims from the public will be postponed to the coming days.' However, it is expected that the number of claims from the public will increase rapidly. A spokesperson for the local farmers' insurance said, 'We have currently received about 2,000 claims. This number may seem very low, and the reason is that most people are not yet in a position to report their damages.'