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Home / Insurance / Karen Clark estimates Hurricane Ian’s losses at $63 billion

Karen Clark estimates Hurricane Ian’s losses at $63 billion



Boston-based disaster modeler Karen Clark & ​​Co. said Friday that insured losses from Hurricane Ian in the United States and the Caribbean will be close to $63 billion.

In nominal dollars, Hurricane Ian will be the largest hurricane loss in Florida history, KCC said.

The total economic damage will be well over $100 billion, including uninsured properties, infrastructure damage and other cleanup and recovery costs, according to KCC’s analysis.

Wind, storm surge and flood losses in the United States will account for most of the insured loss, with about $200 million in the Caribbean, the company said.

The US figure includes insured losses to residential, commercial and industrial properties and to automobiles; building, content and time element losses; privately insured loss from wind, storm surge and inland flooding; estimated demand growth and estimated effects of excessive litigation in Florida.

“Hurricane Ian will be a challenging storm for insurers due to the sheer volume of coastal flooding and the unique nature of the Florida market with respect to a likely high rate of litigation,”

; KCC said in its note.

National Flood Insurance Program losses, boat and offshore property, uninsured flood losses and uninsured wind losses — such as those with deductibles — are excluded from its U.S. loss estimate, KCC said.

KCC’s estimate is based on its high-resolution hurricane reference models.

Ian made landfall in Florida on September 28 near Cayo Costa with 150 mph winds and a second U.S. landfall Friday near Caines, South Carolina as a Category 1 hurricane with 85 mph winds.


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