Insured losses from Hurricane Melissa could hit $2.5 billion: Report

U.S.-based catastrophe modeler Cotality said insured losses from major Hurricane Melissa in Jamaica are estimated between $1 billion and $2.5 billion, Artemis reported. Coverage for large hotels, utilities and airports reaches as high as 100%, and reinsurers are expected to absorb most of the payout since local insurers cede most of the catastrophe risk. Total property damage is projected between $5 billion and $9 billion.