Hurricane Gonzalo insured damages estimated around $300M

Yachts that have broken way from their moorings sit on a rock in Hamilton Harbour after hurricane Gonzalo hit the island in Hamilton, Bermuda, on Saturday./ AP Photo

Insured damage in Bermuda from last week's Hurricane Gonzalo should be around $300 million, according to a report issued by catastrophe modeler CoreLogic Eqecat.

That's about the same as that caused by 2003's Hurricane Fabian despite an increase in values and limits in the past 11 years, Oakland, California-based Eqecat said Monday in a statement. The modeler also noted that Gonzalo packed slightly lower winds than Fabian when it struck Bermuda

Meanwhile, Boston-based catastrophe modeler AIR Worldwide said Tuesday that insured damages from Cyclone Hudhud, which struck near the Indian city of Vizag on Oct. 12, will range between $100 million and $400 million.

“The range in the modeled insured losses reflects uncertainty in the meteorological parameters associated with this event,” said AIR in a statement. “For the insured loss estimation, there is additional uncertainty in the takeup rates (insurance penetration) for India. AIR's insured loss estimates assume insurance penetration of 3% for residential lines, 20% for commercial and 30% for industrial.”