Insured Loss Estimates from Ian Keep Rising

According to a risk-modeling firm, Hurricane Ian will cost private US insurers $63 billion in claims and result in the largest storm-related losses in Florida history.

Source: Bloomberg | Published on October 4, 2022

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Karen Clark & Co. said in a report Friday that the forecast includes losses to residential, commercial, and industrial properties, as well as automobiles. Previous estimates cited by industry analysts put damages in the $30-$40 billion range.

Ian made landfall in Florida on Wednesday, bringing powerful gales and a wall of water that inundated parts of the state. On its way up the East Coast, it pounded South Carolina with strong winds and a deadly storm surge on Friday.

In its report, Karen Clark wrote, "In nominal dollars, Hurricane Ian will be the largest hurricane loss in Florida history." "The total economic damage, including uninsured properties, infrastructure damage, and other cleanup and recovery costs, will be well over $100 billion."