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Hurricane Dorian caused up to $1.5B in US losses: RMS

Hurricane Dorian caused up to $1.5B in US losses: RMS

U.S. insured losses from Hurricane Dorian will be between $500 million and $1.5 billion, catastrophe modler Risk Management Solutions Inc. estimated Friday

The estimate includes property damage and business interruption claims for residential, commercial, industrial and automobile lines of business, Newark, California-based RMS said in a statement.

The figures include insured losses from wind and storm surge damage in the U.S., including losses to the National Flood Insurance Program, the statement said.

Dorian made U.S. landfall on Sept 6, over Cape Hatteras, North Carolina, as a Category 1 hurricane.

“We were fortunate that the majority of Dorian’s damaging winds and storm surge remained offshore as it tracked along the U.S. coastline, Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models said in the statement.

RMS previously estimated that total insured losses from Hurricane Dorian, which caused devastating damage in areas of the Bahamas, will be $4 billion to $8.5 billion.