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Insurance is expected to cover “less than half” of the estimated $1.2 billion in total economic losses caused by Hurricane Dorian in the U.S., while economic and insured losses in the Bahamas are expected to reach “well into the billions” as Dorian likely becomes the country’s most expensive disaster on record, Aon PLC said Friday in a report.
Hurricane Dorian made landfalls in the Bahamas, the U.S. and Canada and tied as the strongest landfalling hurricane on record in the Atlantic Ocean with winds of 185 mph.
Further damage in the U.S. and Canada could push economic losses over a combined $1.5 billion, the report said.
Meanwhile, Tropical Storm Imelda made landfall near Freeport, Texas, and caused severe flooding with record rainfall, the report said. While economic losses are expected to approach $2 billion, a much smaller portion of the economic cost will be covered by insurance because most of the damage was caused by flooding.
Severe thunderstorms in the Rockies and U.S. Midwest Sept. 10-12 brought large hail, straight-line winds, flash flooding and isolated tornadoes and economic losses over $300 million, with insurance covering around $240 million, the report said.
Across the globe, Typhoon Faxai made landfall in Japan’s Chiba Prefecture with insured losses “minimally expected to approach $5 billion,” the Aon report said, adding that The General Insurance Association of Japan said 185,000 claims had already been filed.
In Europe, major flooding from rain in southeastern and central Spain led economic losses preliminary estimated by local government at $2.4 billion, with insured losses likely to be more than $318 million, the report said.
“September is typically one of the most active from a meteorological perspective as it represents the historical peak of tropical cyclone activity in the Northern Hemisphere,” Steve Bowen, director and meteorologist with Aon’s Impact Forecasting team in Chicago, said in the statement.
Canada-based Catastrophe Indices and Quantification Inc. said that Hurricane Dorian-related insurance claims exceeded $105 million Canada ($79 million) in the country, The Guardian reported. A fourth of the claims are for commercial property and 75% for personal property. Claims in Nova Scotia surpassed CAD 62 million, New Brunswick CAD 22.5 million; Prince Edward Island CAD 17.5 million; Newfoundland and Labrador CAD 2.5 million.