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Insured losses for subtropical storm Alberto total $50 million

Insured losses for subtropical storm Alberto total $50 million

Insured losses from subtropical storm Alberto will total about $50 million, according to Karen Clark & Co.

Estimates include insured losses to residential, commercial and industrial properties as well as autos, according to a statement Tuesday from the Boston-based catastrophe modeler.

Alberto is the first named storm of the 2018 hurricane season and is only the ninth named storm on record to make landfall in the U.S. prior to June 1, widely regarded as the beginning of hurricane season.

Initially expected to transition to a tropical storm or hurricane, Alberto formed as a subtropical storm over the western Caribbean on May 25 and made landfall near Panama City, Florida, on May 28 with sustained winds of 45 mph, KCC said.

That transition, however, did not materialize, leaving Alberto to make landfall as a subtropical storm, according to KCC.



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