The total U.S. insured losses from Hurricane Zeta are estimated at between $ 3 billion and $ 5 billion, according to Newark, California-based Disaster Risk Management Solutions Inc.
The estimate includes losses to the National Flood Insurance Program (NFIP) of between $ 200 million and $ 300 million, RMS said in a statement on Wednesday.
Inland flood losses are expected to be negligible due to Zeta's rapid forward speed after landing, which kept high rainfall amounts to isolated areas.
Estimated estimates of wind and storm surge losses across the affected states, including Louisiana and Mississippi, are based on analysis according to version 18.1 of the RMS North Atlantic Hurricane Model.
Losses reflect property damage and business disruptions to the residential, commercial, industrial and automotive industries, along with amplification of loss after event and unmodeled sources of loss, RMS said, adding that it expects insured losses to come from homeowners.
The estimate of NFIP losses was based on an analysis of current 201
RMS estimates insured losses to offshore platforms, rigs and pipelines in the Gulf of Mexico will not exceed $ 500 million from wind and wave damage.
The abundance of named storms this year has led to some overlap of damage.
"We expect some overlap between Zeta and Sally as the industry resolves losses from these two events," said Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models, in the statement. RMS found that about 20% of the postcodes affected by Zeta were also affected by Sally, especially at lower wind speeds.
Hurricane Zeta landed near Cocodrie, Louisiana, on October 28, as a Category 2 hurricane on Saffir-Simpson. Hurricane wind scale, said RMS. It was the 27th named storm during the North Atlantic hurricane season 2020, the 11th hurricane and the sixth hurricane that landed in the neighboring United States during the extremely active season. It was also the record-breaking fifth named storm that landed this year in Louisiana.
Earlier this week, other disaster risk modeling companies released Hurricane Zeta estimates of land losses from about $ 1.5 billion to close to $ 4.4 billion. Catalog