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Insured losses from Tropical Storm Gordon, which made landfall near the Alabama-Mississippi border Tuesday night with 70 mph sustained wind speeds, will be approximately $125 million, according to Karen Clark & Co.
The Boston-based catastrophe modeler issued the estimate Wednesday based on data from its high-resolution U.S. Hurricane Reference Model.
Modeled estimates include losses to residential, commercial, and industrial properties as well as automobiles, the company said in a statement.
Gordon is the second tropical or subtropical storm to impact the Gulf Coast in 2018 and did not intensify to the Category 1 hurricane that some feared.
Gordon was expected to become a Category 1 hurricane before landfall due to warm sea surface temperatures and relatively low wind shear over the Gulf of Mexico, Clark said.
The storm weakened rapidly once inland and became a tropical depression within hours of landfall, the Clark statement said, bringing tropical storm-force winds to Florida, Alabama and Mississippi.
Tropical storm Gordon started as a tropical depression in the Caribbean on Sunday, becoming a tropical storm Monday near the Florida Keys, according to Clark.
A study by U.K.-based JLT Reinsurance Brokers Ltd. said that risk models underestimate losses related to complex hurricanes, Artemis.bm reports. Josh Darr, lead meteorologist at JLT Re, said that the risk models fail to accurately predict hurricane-related losses that go beyond wind damage, especially in highly populated urban areas. Mr. Darr said that such hurricanes often cause unforeseen damage and an escalation in losses.