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Hurricane Dorian insured losses pegged at $5.2 billion: KCC

Hurricane Dorian insured losses pegged at $5.2 billion: KCC

Total insured losses from Hurricane Dorian in the United States and Caribbean will be just over $5 billion, according to catastrophe modeler Karen Clark & Co.

Losses are estimated at $3.6 billion in the Bahamas, $1.5 billion in the continental United States, $84 million in the U.S. Virgin Islands and $23 million in Puerto Rico – totaling $5.2 billion, the Boston-based modeler said in a statement Tuesday. KCC previously estimated total insured and uninsured losses in the Bahamas from Hurricane Dorian at $7 billion.

Dorian made a U.S. landfall on Friday in Cape Hatteras, North Carolina, with wind speeds of 90 miles per hour, and wind damage in the U.S. was concentrated in North Carolina and South Carolina, KCC said. Peak storm surge in Cape Hatteras, North Carolina was around seven feet while other areas along the coast such as Charleston, South Carolina saw two to three feet of storm surge.

Abaco and Grand Bahama Island sustained “extreme” damage due to high winds and storm surge from Dorian, one of only four storms in the Atlantic basin since 1900 to reach peak wind speed intensity of 185 mph, according to KCC. The two islands were hit with “prolonged Category 5 wind speeds,” KCC said.

Loss estimate data for the United States includes privately insured wind and storm surge damage to

residential, commercial and industrial properties and automobiles but does not include National Flood Insurance Program losses, the statement said.

Data for the Caribbean includes insured losses to commercial, residential, and industrial properties, but does not include automobiles, the statement said.






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