Karen Clark & Company
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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.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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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.
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The modelling firm noted a shift towards stronger hurricanes making landfall.
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The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.
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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).
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.
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The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
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The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
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The facility had initially estimated a payout of $10.9mn.
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Insured loss estimates given in the fortnight following Typhoon Jebi last year were low. AIR gave a range of $2.3bn-$4.5bn and RMS predicted $5.5bn.
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AIR last week predicted up to $3bn in insured losses in the Caribbean from the storm.
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