Hurricane Karl insured losses estimated at less than $400M

VERACRUZ, Mexico—Hurricane Karl lashed Mexico’s Gulf Coast over the weekend, causing at least 12 deaths and leaving insurers with losses estimated at less than $400 million.

The storm produced flooding and landslides in Veracruz and other parts of the south-central region after making landfall Sept. 17.

EQECAT Inc., a catastrophe modeling company based in Oakland, Calif., said Saturday that it estimated losses at less than $400 million, adding that the figure is based on actual wind speed footprints and the severity of flooding, both of which were uncertain late last week.