Hurricane Irene leaves insured losses up to $3.4B: EQECAT
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OAKLAND, Calif.—Insured losses for Hurricane Irene likely will range from $1.8 billion to $3.4 billion, with the U.S. portion totaling $1.5 billion to $2.8 billion, catastrophe modeler EQECAT Inc. said Wednesday.
Oakland, Calif.-based EQECAT said in a statement that the storm likely caused more than $10 billion in economic losses as it crossed the U.S. East Coast during the weekend.
One-third commercial, industrial
About one-third of its U.S. loss estimate is attributable to commercial lines and industrial insurance, with the remainder attributable to personal lines policies, the catastrophe modeler said.
EQECAT previously announced estimated insured losses of $200 million to $400 million in the Carolinas, where the storm made its first U.S. landfall Saturday.
On Wednesday, the modeler said about $50 million to $100 million of insured losses would be in Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
About $200 million to $400 million of insured losses are in Washington as well as the states of Delaware, Maryland and Virginia, EQECAT said.
Irene-related insured losses in New York state are projected at $400 million to $900 million; New Jersey, $400 million to $600 million; Connecticut, $150 million to $250 million; and Pennsylvania, $100 million and $200 million.
EQECAT said the rest of the losses are in the Caribbean, which it earlier estimated suffered $300 million to $600 million in insured losses.
Separately, Boston-based AIR Worldwide Corp. said that total insured losses from Hurricane Irene likely would range from $3 billion to $6 billion.
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