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RMS projects up to $1.5B Hurricane Dorian insured losses for US

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RMS projects up to $1.5B Hurricane Dorian insured losses for US

Insured losses on the U.S. mainland from Hurricane Dorian are likely to cost between $500 million and $1.5 billion, catastrophe risk modeling company Risk Management Solutions Ltd. estimated.

Dorian made landfall on the North Carolina coast as a Category 1 hurricane on Sept. 6.

The estimated losses reflect property damage and business interruption to residential, commercial, industrial, and automobile lines of business caused by wind and storm surge. The estimate includes expected losses to the National Flood Insurance Program.

RMS noted that post-event loss amplification and precipitation-induced inland flooding are not expected to contribute significantly to overall insured losses in the U.S.

The modeling agency recently estimated insured losses in the Caribbean at between $3.5 billion and $6.5 billion, with nearly all the losses expected to come from the Bahamas.

Catastrophe modeling company Karen Clark & Co. expects insured losses from Dorian to total $3.62 billion in the Bahamas, $23 million in Puerto Rico, $84 million in the U.S. Virgin Islands and $1.5 billion on the U.S. mainland.