Tropical Storm Fay insured loss estimate $400M: Karen Clark
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Insured losses from Tropical Storm Fay will be close to $400 million, Boston-based catastrophe modeler Karen Clark & Co. said in a statement Tuesday.
Estimates were made using KCC’s high-resolution U.S. Hurricane Reference Model.
Fay made landfall as a tropical storm near Atlantic City, New Jersey, on June 10, causing light wind damage including downed trees and powerlines, KCC said. Low levels of storm surge stretched from South Carolina to New York, but the storm weakened upon landfall and was downgraded to a tropical depression nine hours after landfall.
Damaging winds hit parts of Maryland, Delaware, New Jersey, Pennsylvania and New York, and scattered power outages were reported in New York and New Jersey, KCC said.
Light wind damage was most likely from this storm, but structural damage was possible from trees falling on buildings, KCC said. In New York City, hundreds of downed trees were reported, and other areas, including New Jersey and Pennsylvania, saw tree damage that resulted in infrastructure disruption.
Fay is the earliest “F”-named storm on record, forming 12 days earlier than 2005’s Franklin, and was the first tropical storm to come ashore in New Jersey since Irene in 2011, KCC said, adding Sandy was a post-tropical storm.
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