AIR estimates top industry insured losses of $40bn for US from Irma

Air Worldwide has updated its industry insured losses in the United States. As at 5pm on 10 September, the Verisk Analytics business estimated a range of $20bn to $40bn for industry insured losses in the United States.

After making landfall in Barbuda on 6 September and ravaging several Caribbean islands in her path Florida, Irma finally made landfall in the lower Florida Keys at 9.10am on Sunday 10 September at category 4 strength. According to the National Hurricane Center (NHC), Irma reached maximum sustained winds of 130mph.

The storm weakened to category 3 before making her second landfall on Marco Island, on the southwest coast of Florida, at 3.35pm; at this time, sustained winds of 115mph were reached.

By 2am, NHC advisory has downgraded Irma to a category 1 storm with sustained winds of 85mph.

Air Worldwide outlined: “AIR’s modelled insured loss estimates for the United States 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). AIR’s loss estimates do not include losses paid out by the National Flood Insurance Program, losses to uninsured properties, losses to inland marine, marine cargo and hull and pleasure boats, and losses to infrastructure.”