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(Reuters) — Preliminary estimate of total insured and uninsured losses in the Bahamas from Hurricane Dorian is $7 billion, catastrophe modeling company Karen Clark & Co. said Thursday.
The estimated includes building, contents, and business interruption exposures for commercial, residential and industrial properties, while excluding infrastructure or auto losses, KCC said.
Hurricane Dorian left stretches of the Bahamas looking as if they had been carpet bombed and was regaining strength as it crawled up the U.S. Atlantic coast, possibly making landfall later on Thursday in South Carolina.
Hurricane Dorian could become a significant event for reinsurers due to low retention levels in Florida property coverages, according to a briefing Thursday from analyst Keefe, Bruyette & Woods Inc.