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Hurricane Isaias nears Category 2, could drive low to mid-single digit insured losses

Reinsurance broker Gallagher Re said a Category 2 landfall on the Gulf Coast would typically translate into insured losses in the low to mid-single digit billions.

Reported · Written up by our desk · Reinsurance

Hurricane Isaias strengthened overnight and is forecast to potentially reach a Category 2 landfall on the US Gulf Coast, according to Artemis.

Artemis reports that the storm was upgraded from a tropical storm, and at the October 8, 06:00 UTC update the National Hurricane Center listed Isaias as a Category 1 hurricane with sustained winds of 75 mph or higher, and minimum central pressure of 981 mb.

Artemis also said Isaias is expected to strengthen further, with a track that would pass north of Mexico’s Yucatan Peninsula before turning northeast and then north toward the Gulf Coast, though the timing of the turn remains uncertain and makes the landfall location harder to determine.

At that potential Category 2 intensity, reinsurance broker Gallagher Re typically expects insured losses in the low to mid-single digit billions, Artemis added.

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