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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive. -
Investigations have revealed more damage than first thought from the July explosion.
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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss, although one potential wild card is the damage it will cause to Georgia and South Carolina.
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The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
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The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
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The broker said that the Big Bend region towards which the storm is heading has a low exposure density.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
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“The Tampa Bay scenario of major hurricanes is mainly off the table at this point”, according to the report.
