AIR lowers Irene-related insured damage estimate for Caribbean
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BOSTON—AIR Worldwide has lowered its estimate of insured damage caused by Hurricane Irene in the Bahamas to $200 million to $400 million.
AIR previously had estimated insured damage for the Bahamas at $300 million to $700 million. AIR said the revision was based on “a refinement of information” about insurance penetration, the Boston-based catastrophe modeler said Thursday.
Takeup rates vary
“In particular, while takeup rates in Nassau and Freeport—which represent the two primary concentrations of exposure in the country—are high, takeup rates tend to be much lower in the outer islands where the main impact of Irene was felt,” Scott Stansky, a scientist at AIR, said in a statement announcing the change.
With the revision, AIR said its estimate of insured damage for all Caribbean countries affected by Irene now ranges from $400 million to $800 million, down from its previous estimate of $500 million to $1.1 billion.
AIR’s estimate of insured U.S. damage from the hurricane remains at $3 billion to $6 billion.
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