AIR Estimates Insured Losses in the U.S. from Hurricane Isaac of between USD 700

insured losses

Hurricane Isaac Damage Report: Catastrophe modeling firm AIR Worldwide estimates that insured losses from Hurricane Isaac to onshore properties in the U.S. will be between USD 700 million and USD 2 billion. AIR estimates include wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties). “Isaac made two separate landfalls, both as a Category 1 hurricane,” said Dr. Tim Doggett, principal scientist at AIR Worldwide. “The first occurred…

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Hurricane Isaac may cause $1.5 billion in damage

Hurricane Isaac Homeowners Insurance Industry Damages

Eqecat predicts the havoc caused by Hurricane Isaac Hurricane Isaac may cause more than $1.5 billion in damage as it makes its way through Louisiana, according to Eqecat, a leading catastrophe modeling firm. The hurricane, which made landfall earlier in the week, is expected to makes its way through Louisiana, Mississippi and Alabama. Thus far, the storm has caused a significant amount of damage in and has left more than 644,000 people across several states without power. Eqecat suggests that Hurricane Isaac is just reaching its stride and the storm…

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Hurricane Jova Poised to Make Landfall on Mexico’s West Coast

BOSTON, Oct. 11, 2011 — According to catastrophe modeling firm AIR Worldwide, with its outer rain bands already bringing heavy rainfall to Mexico’s southwest coast, Hurricane Jova is poised to make landfall as a strong Category 2 hurricane in Jalisco state this afternoon or early evening between the port city of Manzanillo in Colima state in the south and the resort city of Puerto Valarta in the north. “Hurricane Jova is moving toward the northeast at about five mph, and this forward speed is expected to increase slightly today,” said…

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Storms raging in the Southeastern U.S. may put heavy burden on those without flood insurance

Tropical Storm Lee is making its way through the Southeastern U.S. bringing torrents of rain and the fear of widespread flooding. On its heels is Hurricane Katia, which has forecasters baffled as to where it will be heading. Lee made landfall over the weekend, inundating Florida, Georgia, Mississippi and parts of Louisiana with water. The storm will put strain on an insurance industry that is already reeling from the passing of Hurricane Irene last week and has many worried whether the industry can handle another flood disaster. Flood insurance is…

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Insurance companies brace for claims following hurricane Irene

Claims adjusters and other insurance company personnel are preparing to receive a flood of insurance claims now that Hurricane Irene has progressed north along the East Coast and through New England and into Canada. Insurers will begin performing their assessments as soon as the effects of the hurricane have passed through the northeastern states. If the impact of the hurricane is as wide as forecasted, the losses from insurance claims could total billions of dollars. Insurance companies appreciate the efforts that their policyholders are taking to help to keep any…

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NOAA updates hurricane season forecast, still calls for an active season

The National Oceanic and Atmospheric Administration (NOAA) has updated their forecast of this year’s hurricane season. The original outlook was issued in May in which the agency noted that the current season would be more active than usual. Several major storms have already formed in the Atlantic Ocean, with some making landfall in Florida and Texas. None have cause any major damage, thus far, but that may change during this month as NOAA predicts as many as five category 3 hurricanes to form offshore. According to Gerry Bell, Ph.D., the…

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