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Hurricane Sally Insured $ 1-3 Billion in Losses: Modelers



Hurricane Sally's winds, storm surge, and inland flood caused insured losses of $ 1 to $ 3 billion, according to AIR Worldwide, part of Verisk Analytics Inc.

Boston-based disaster models Karen Clark and Co.

said on Monday that they estimate that the insured loss to land properties from Hurricane Sally will be about $ 2 billion.

This includes privately insured wind and storm flow damage to residential, commercial and industrial properties and cars but does not include National Flood Insurance Program losses, losses to offshore assets or any effects on losses due to COVID-19, KCC said in a statement Monday.

Wind damage represented the majority of the losses, AIR said in its statement on Monday, including minor roof damage, broken windows, fallen trees, overturned church towers and other structures such as gas stations. There were some isolated major structural failures and damaged infrastructure in Alabama and Florida, AIR said.

AIR's estimates include losses on residential, commercial and industrial real estate and cars for their building, content and time element coverage.

Sally landed at 4:45 CDT on September 1

6 near Gulf Shores, Alabama, dumping up to 30 inches of rain in Orange Beach, Alabama and 24.8 inches in central Pensacola, Florida, according to AIR. [19659002]

Sally was the first hurricane to land in Alabama since Ivan, 2004, 16 years earlier today, the KCC said, adding that with Sally, eight named storms hit the United States, most in mid-September in recorded history.

The best commercial insurance companies in Alabama are CNA Financial Corp. with $ 77 million in Alabama's direct premiums written; The Travelers Cos Inc., with $ 75 million; and Liberty Mutual Group Inc., with $ 74 million, according to Moody & # 39 ;s Investor Services Inc.

Since Sally primarily appears to be a flood event, Moody & # 39 ;s said it expects NFIP, a by the US Federal Emergency Management Agency, will absorb “significant” losses because standard property owner / accident policies do not include flood damage. [19659002]

Moody & # 39; s added that real estate / non-life insurance companies and reinsurance companies will see losses on commercial and certain residential properties, although estimates of losses will take weeks.

More insurance and risk management news about the coronavirus crisis here [19659021].

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