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Karen Clark & Co. said Friday that privately insured losses from Hurricane Idalia will be close to $2.2 billion, mostly from wind and storm surge losses in the U.S.
This estimate includes privately insured damage to residential, commercial and industrial properties as well as automobiles, KCC said. It does not include damage to boats and offshore properties or National Flood Insurance Program losses.
Idalia made landfall near Keaton Beach, Florida, on Wednesday as a strong Category 3 hurricane with 125 mile-per-hour winds. Its U.S. impact spread across a wide area, with storm surge and high winds in Florida, Georgia, North Carolina and South Carolina.
Its landfall along one of the least populated areas of the Florida coast kept insured losses relatively low, KCC said in its estimate.
Insured wind losses from Idalia will be close to $2 billion, while insured storm surge losses will be close to $210 million, KCC said.
Idalia was the strongest hurricane to make landfall in Florida’s Big Bend region since an unnamed Category 3 hurricane in 1896, according to KCC.