Karen Clark & Company
-
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.
-
The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
-
The facility had initially estimated a payout of $10.9mn.
Most Recent
-
Beazley’s Barnes resigns in latest energy market move
26 April 2024 -
QBE Re rebuilds in A&H with Canopius’s Brigstocke
26 April 2024