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Boston-based catastrophe modeler Karen Clark & Co. said Friday insured losses from Hurricane Ian in the U.S. and the Caribbean will be close to $63 billion.
In nominal dollars, Hurricane Ian will be the largest hurricane loss in Florida history, KCC said.
Total economic damage will be well over $100 billion, including uninsured properties, damage to infrastructure, and other cleanup and recovery costs, according to KCC’s analysis.
Wind, storm surge, and inland flood losses in the U.S. will account for most of the insured loss, with some $200 million in the Caribbean, The company said.
The U.S. figure includes insured loss to residential, commercial and industrial properties and to autos; building, contents and time element losses; privately insured loss from wind, storm surge and inland flooding; estimated demand surge and estimated impacts of excess litigation in Florida.
“Hurricane Ian will be a challenging storm for insurers due to the tremendous amount of coastal flooding and the unique nature of the Florida market with respect to a likely high proportion of litigated claims,” KCC said in its note.
National Flood Insurance Program losses, boats and offshore properties, uninsured flood losses and uninsured wind losses – for example those under deductibles – are excluded from its U.S. loss estimate, KCC said.
KCC’s estimate is based on its high-resolution hurricane reference models.
Ian made landfall in Florida on Sept. 28 near Cayo Costa with 150 mph winds and a second U.S. landfall Friday near Caines, South Carolina as a Category 1 hurricane with 85 mph winds.