Friday, September 22, 2017

Irma’s insured losses revised down

From estimates up to US$60 billion, the forecast insured losses caused by Hurricane Irma in the US have now been revised down to between US$20 billion and US$40 billion, according to an updated projection from AIR Worldwide.

The projection was revised down after the storm weakened and changed direction, missing a direct hit on Miami in Florida, which would have cause more than US$100 billion in insured losses.

AIR earlier said properties on the south-west coast of Florida are worth US$1 trillion in total, but those on the south-east coast, which includes Miami, are worth US$1.5 trillion.

Robert De Rose, a senior director at AM Best, estimates that about 60% of the loss will be retained by primary insurers, with the rest being passed on to the reinsurance industry.

He was confident that the industry will be able to cope with the losses.

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