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Catastrophe modeler narrows Irma loss estimate

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Catastrophe modeling firm AIR Worldwide updated its estimate of insured damages from Hurricane Irma for the United States and the Caribbean to between $32 billion and $50 billion.

The Boston-based unit of Verisk Analytics Inc. in a statement Friday narrowed its insured loss estimate for the U.S. to between $25 billion and $35 billion. Earlier this week, AIR had estimated that U.S. insured losses form Irma would be between $20 billion and $40 billion.

For the Caribbean, where several small islands were devastated by Irma, AIR estimates insured losses of $7 billion to $15 billion.

Earlier this week, rival Boston-based catastrophe modeling firm Karen Clark & Co. estimated total insured losses from Irma in the United States and the Caribbean at $25 billion, with $18 billion of losses in the U.S. and $7 billion in the Caribbean.

Ms. Clark is the former CEO of AIR Worldwide.

Hurricane Irma ripped through the Caribbean last week before hitting the U.S. mainland as a Category 4 hurricane on Sunday, causing widespread damage.