Karen Clark & Company

The bulk of the losses relate to wind damage.

The insured loss from Beryl in the US was pegged at $2.7bn.

Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.

The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.

Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.

The modelling firm noted a shift towards stronger hurricanes making landfall.

The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.

Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10%-19%, according to the latest white paper from Karen Clark & Co (KCC).

The storm was the earliest named E storm, forming nearly six weeks earlier than average.

The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.

Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.

The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.