Catastrophe modeler narrows Irma loss estimate

Hurricane Irma batters the Caribbean islands.

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.