Friday, September 22, 2017

Hurricane Irma could cost up to US$65bn

Global risk modelling companies have estimated that insured losses from Hurricane Irma, could range from US$20 billion to as much as US$65 billion, excluding damages from storm surges of seawater.

The Category 4 hurricane, which left a path of destruction across the eastern Caribbean, and has been battering the US coast of Florida, could hit up to US$50 billion based on the National Hurricane Center’s projected forecast, according to AIR Worldwide.

Close to 80% of the total insured value is located in coastal counties, it added.

The extent of destruction and economic impact will not be fully known until the hurricane passes.

RMS, said the storm’s path indicated a 10% chance of insured wind losses exceeding US$60 billion.

JLT Re North America chief executive Ed Hochberg says the losses will more in the US$50 billion to US$65 billion range.

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