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Hurricane Florence Insured Losses Estimated to Hit $2.5 Billion

As North Carolina reels from the destruction caused by Hurricane Florence, early insured loss estimates are coming in. While these numbers become available, it’s important to note that the industry won’t know any official loss numbers for weeks, if not months, at the earliest.

Catastrophe modeler Karen Clark & Co. (KCC) estimates that the insured loss from Hurricane Florence will be $2.5 billion. This estimate includes the privately insured wind, storm surge, and inland flooding damage to residential, commercial, and industrial properties and automobiles. It does not include NFIP losses.

Willis Towers Watson estimates insured losses to fall between $2.5 billion to $5 billion.

A third source, AIR Worldwide estimates that industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from $1.7 billion to $4.6 billion. These estimates do not yet include the ongoing flooding throughout the effected areas.

Read the full article here.

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