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AIR Worldwide cuts high end of insured loss estimates for Hurricane Maria

Catastrophe modeling firm AIR Worldwide said it now estimates insured losses from Hurricane Maria to be between $27 billion and $48 billion in the Caribbean.

In September, AIR projected insured losses in the Caribbean to be between $40 billion and $85 billion, with more than 85% of the loss attributable to Puerto Rico.

AIR now expects insured losses from the hurricane to be in the range of $25 billion to $43 billion in Puerto Rico.

The Verisk Analytics Inc. business attributed the reduction of the high end of its loss estimates to the review of Hurricane Maria's intensity over Puerto Rico. A re-examination of the storm parameters showed lower wind speeds than previously estimated. The industrial line of business generated a significant part of the AIR modeled losses for Puerto Rico.