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Weakened Hurricane Matthew makes landfall in South Carolina

Hurricane Matthew, now a Category 1 storm, made landfall in SouthCarolina, according to a National Hurricane Center advisory at 11 a.m. ET on Oct.8.

The storm made landfall near McClellanville, S.C., which is northeastof Charleston. The storm was about 55 miles south-southwest of Myrtle Beach, S.C.,and 100 miles southwest of Cape Fear, N.C., with maximum sustained winds of 75 mph.It was moving northeast at 12 mph.

Before this development, early insured property loss estimatesfor Hurricane Matthew were in the $4 billion-to-$6 billion range, after the stormhad weakened off the U.S. coast and did not make landfall in Florida.

CoreLogic said early Oct. 8 that it expected insured propertylosses for both residential and commercial properties from Matthew to be between$4 billion and $6 billion from wind and storm surge damage. By contrast, CoreLogicnoted that insured property loss estimates for 2005's Hurricane Katrina were $35billion to $40 billion.

Kinetic Analysis, which had previously forecasted insured lossesof $25 billion, on Oct. 7 expected that figure to be $4 billion, Reuters reported,citing a spokesman for the catastrophe modeling firm.

At least six people died in Florida, The Wall Street Journal reported. The storm left about 900 people deadin its wake in Haiti.

Matthew has resulted in widespreadpower outages. The Florida Public Service Commission said 944,655 werewithout power at about 9 a.m. on Oct. 8. The U.S. Department of Energy said thatSouth Carolina had 167,020 customer outages as of 7:30 a.m. ET. In North Carolina,14,865 were without power, and 279,859 did not have electricity in Georgia as of7:30 a.m. ET.