Insured losses from Barry close to $300M: KCC

Insured losses from Hurricane Barry will be close to $300 million, catastrophe modeler Karen Clark & Co. said in a statement Tuesday.

The initial estimate includes privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles but does not include losses sustained by the National Flood Insurance Program, the statement said.

Insured losses from Hurricane Barry resulted from an accumulation of small losses over a large area, Boston-based KCC said, including widespread isolated instances of damage caused by fallen trees throughout southern Louisiana.

Further losses occurred close to the landfall point, including roof damage to residential buildings and more significant damage to small structures, KCC said.

Barry made landfall near Intracoastal City, Louisiana, as a Category 1 hurricane that reached peak intensity of 75 mph just before landfall and quickly weakened to a tropical storm, according to KCC.

Nearly 150,000 homes and businesses experienced power outages in Louisiana and Mississippi, but rain totals generally reached 3-6 inches, KCC said, despite initial forecasts for up to 25 inches of rain.

Some localized areas experienced significantly greater amounts of rain, KCC said, adding isolated flash flooding occurred with precipitation rates as heavy as 3 inches an hour.

State Farm and Travelers have the highest commercial multiperil exposures in Louisiana and Mississippi, according to A.M. Best Co. Inc.