Nate losses estimated at $500 million

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.