Home›Insurance›Property Insurance›Verisk estimates Hurricane Isaias insured losses could…

Verisk estimates Hurricane Isaias insured losses could reach $2bn

Verisk’s initial estimate includes wind and privately insured storm surge losses across Florida Panhandle residential, commercial, industrial properties, and automobiles.

Reported · Written up by our desk · Property Insurance

Artemis reports that Verisk, a catastrophe risk modelling and data analytics specialist, has issued an initial industry insured loss estimate for Hurricane Isaias. The company said onshore property losses from the storm could reach $2 billion.

Verisk’s estimate covers wind and privately insured storm surge following the hurricane’s landfall in the Florida Panhandle. Wind damages are expected to account for the vast majority of insured losses, according to the company.

The estimate includes losses to onshore residential, commercial and industrial properties, as well as automobiles, for building, contents, and time-element coverages using modeled scenarios that incorporate wind and storm surge.

Verisk added that precipitation-induced flooding is not expected to be a significant factor for Isaias, and it pointed to the most severe wind damage occurring west of the landfall location, particularly in Santa Rosa and northeastern Escambia counties.

More like this

Sources