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Insured losses from Hurricane Dorian’s hit to the Caribbean will range between $1.5 billion and $3 billion, catastrophe modeler AIR Worldwide said Friday.
The insured loss estimates for the Caribbean include damage to onshore residential, commercial and industrial properties and their contents, as well as automobiles;
time element coverage, such as additional living expenses for residential properties, and business interruption for commercial properties that experience physical loss from direct and indirect sources; and storm surge, which is implicitly accounted for in the wind damage functions, according to Boston-based AIR.
Grand Bahama and Abaco Island were devastated by Dorian, according to AIR.
“Buildings were destroyed, roofs were torn off, trees were felled, streets and homes were flooded, and cars, boats, and debris were strewn everywhere,” AIR said, even as Dorian’s track caused “little or no damage outside of the Bahamas.”
Dorian made landfall on St. Thomas on Aug. 28 as a Category 1 hurricane, AIR said, and reached Category 5 intensity on Sept. 1, becoming the strongest hurricane to affect the northwestern Bahamas in the modern record, AIR said.
The modeler’s insured loss estimates for the Caribbean do not include loss to offshore properties, pleasure boats and marine craft, although losses for boats inside a building may be estimated if their replacement value is included as contents; losses to infrastructure; losses from hazardous waste cleanup, vandalism or civil commotion directly or indirectly caused by the event; demand surge; losses resulting from the compromise of existing defenses, such as levees; losses to uninsured properties; and other nonmodeled losses, including loss adjustment expenses.
Credit ratings under review
Separately, A.M. Best Co. Inc. has placed the credit ratings under review with developing implications for major property/casualty and life/health insurers operating in the Bahamas, the Oldwick, New Jersey-based ratings agency said Friday in a statement.
“These rating actions are a result of the devastation caused by Hurricane Dorian and the limited information that is currently available with regard to loss of life and property, the status of the medical delivery system and the overall economic impact to the region,” Best said, adding that it “remains concerned regarding the scale of potential insured losses given the magnitude of the storm and the absence of timely information.”
The FSR of A- (Excellent) and the Long-Term ICR of a- have been placed under review with developing implications for Bahamas First General Insurance Co. Ltd.; and Cayman First Insurance Co. Ltd.
The FSR of A (Excellent) and the Long-Term ICR of “a” have been placed under review with developing implications for RoyalStar Assurance Ltd.
The Long-Term ICR of bbb- has been placed under review with developing implications Colina Holdings Bahamas Ltd.
The FSR of A- (Excellent) and the Long-Term ICR of a- have been placed under review with developing implications for Colina Insurance Ltd.
The Long-Term ICR of bbb- has been placed under review with developing implications for FamGuard Corp. Ltd.
The FSR of A- (Excellent) and the Long-Term ICR of a- have been placed under review with developing implications for Family Guardian Insurance Co. Ltd.
The FSR of A (Excellent) and the Long-Term ICR of “a” have been placed under review with developing implications for Atlantic Medical Insurance Ltd.; Security and General Insurance Co. Ltd.; Colonial Life Assurance Co. Ltd.; Colonial Medical Insurance Co. Ltd.; Colonial Insurance Co. Ltd.; Colonial Insurance (BVI) Ltd.; and British Caymanian Insurance Co. Ltd.
The FSR of A- (Excellent) and the Long-Term ICR of a- have been placed under review with developing implications for Summit Insurance Co. Ltd.
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.