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RMS estimates up to $5B insured losses from Hurricane Isaias – Insurance Insider


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RMS estimates up to $5B insured losses from Hurricane Isaias – Insurance Insider

RMS estimated insured losses in the range of $3 billion to $5 billion from Hurricane Isaias, Insurance Insider reported.

The estimated losses include up to $500 million of damage in the Caribbean, and $400 million to $700 million of losses covered by the National Flood Insurance Program, according to the report.

Hurricane Isaias made landfall Aug. 4 at Myrtle Beach in South Carolina. The Category 1 hurricane subsequently weakened to tropical storm strength but maintained its intensity as it moved north and left millions without power across North Carolina, Maryland, Pennsylvania, New Jersey, New York and Connecticut.

Before hitting the U.S., Hurricane Isaias made landfall as a Category 1 hurricane at Andros Island in the Bahamas. The hurricane also impacted Puerto Rico, the Dominican Republic and the Turks and Caicos Islands.

RMS expects most of the claims to arise from homeowners' policies, but the estimate also covers auto and commercial policies, according to the report. The catastrophe risk modeling company also expects that about 90% of the claims will be related to wind losses, with other claims related to storm surge and inland flood losses.