Hurricane Patricia insured losses not expected to top $200 million
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Insured onshore property damage in Mexico as a result of Hurricane Patricia should not exceed $200 million, according to Boston-based catastrophe modeler AIR Worldwide.
In an analysis released Sunday, AIR noted that six hours before Hurricane Patricia made landfall in the Mexican state of Jalisco on Friday, “it was the most intense tropical cyclone ever recorded by the National Hurricane Center” in the Atlantic and East Pacific ocean basins. “Fortunately, hurricanes cannot sustain such extreme intensity for long, and by the time Patricia reached the coast — about 55 miles west-northwest of Manzanillo — maximum sustained winds had fallen from 200 mph to 165 mph,” said AIR.
AIR pointed out that the storm did not make a direct hit on the coastal exposure concentrations of Puerto Vallarta or Manzanillo, and also missed Guadalajara as it tracked inland.
“Indications are that damage has not been as severe as had been feared, although a more complete picture will emerge as communications are reestablished and surveys are undertaken in mountainous inland locations,” according to AIR.
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