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US insurance losses from Hurricane Hanna will not exceed $ 400 million: RMS



US. Insurance losses from Hurricane Hanna will not exceed $ 400 million, Risk Management Solutions Inc. said Thursday.

The estimate includes insured losses associated with wind and storm surges, including losses to the National Flood Insurance Program, Newark, California-based Disaster Models said in a statement.

This includes property damage and business disruptions from wind and storm-driven coastal floods to residential, commercial, industrial and automotive industries and wind-driven damage to offshore platforms in the western Gulf of Mexico, which is expected to be a small fraction of the total insured loss.

Losses associated with inland floods are expected to be negligible as the storm maintained its forward motion after landfall and caused only high rainfall in isolated areas.

RMS estimates that losses to NFIP will represent approximately $ 1

00 million or less of the total insurance loss estimate, the statement said. [19659002] "The storm landed in southern Texas as a Category 1 hurricane with stronger winds than expected. However, the affected area is a low-exposure area in the industry, ”said Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models, in the statement.

Hurricane Hanna was the eighth named storm in the North Atlantic hurricane season 2020 and the earliest eighth named storm on record, the statement said. It made landings on July 25 on Padre Island, Texas, as a Category 1 hurricane on the Saffir-Simpson Hurricane Wind Scale with a maximum remaining wind of 90 km / h.


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