Login Register Subscribe
Current Issue

Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Nate losses estimated at $500 million

Reprints

Insured losses in the U.S. from Hurricane Nate, which plowed into the Gulf Coast on Saturday, will be approximately $500 million, according to Boston-based catastrophe modeler Karen Clark & Co.

Modeled estimates include insured wind and storm surge losses to residential properties, commercial and industrial properties and automobiles, the firm said in a statement on Monday.

Nate formed as a tropical depression on October 4 and was upgraded to a tropical storm on October 5 before being upgraded to a Category 1 hurricane on October 6.

The storm caused extensive flooding in Nicaragua and Costa Rica but the expected intensification to a Category 2 storm prior to U.S. landfall did not occur, KCC said. Nate made landfall near Biloxi, Mississippi, as a Category 1 hurricane with peak winds of 85 mph but dissipated rapidly after landfall.

Nate will add a relatively modest amount of losses to aggregate industry losses from a string of three hurricanes which tore through the Caribbean and southern U.S causing billions in losses during August and September.