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NEWARK, Calif.—Insured losses from the 2011 hurricane season should amount to about $5 billion, catastrophe modeler Risk Management Solutions Inc. said in a commentary released Friday.
Newark, Calif.-based RMS noted that this year's hurricane season, which ended Nov. 30, generated 19 tropical storms, seven of which grew into hurricanes. Three of the hurricanes grew into major hurricanes packing sustained winds of at least 111 mph.
To view a Business Insurance slideshow of the 2011 hurricane season in review, click here.
“Despite the same total number of storms forming in 2011 as 2010, the total insured losses will be significantly higher than those seen in 2010,” said RMS.
The modeler said it expects total insured losses from the season to be around $5 billion.
“The majority of losses are driven by Hurricane Irene in the U.S., causing losses in 14 states in total, with the states of North Carolina, New Jersey and New York driving the majority of the losses,” said RMS.
RMS said this year’s hurricane season ties for third with the 1887, 1995 and 2010 seasons in terms of number of storms.
The number of storms that occurred in 2011 “is almost twice as high as the long-term average (1950-2010) of 10.5 and higher than the average since, and including, 1995 of 14.4, indicating that the Atlantic remains in a period of heightened storm activity,” said RMS.
RMS will issue a comprehensive review of the 2011 hurricane season in a white paper in January 2012.