AIR Worldwide Updates Estimates of Insured Losses for Hurricane Irma's Impacts in the United States
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Updates Estimates of Insured Losses for Hurricane Irma's Impacts
in the United States
BOSTON, Sept. 11, 2017 - Catastrophe modeling firm AIR Worldwide estimates
industry insured losses in the United States resulting from Hurricane Irma will
range from USD 20 billion to USD 40 billion. Note that these estimates are based
on the NHC's Sunday, September 10, 5:00 p.m. EDT forecast advisory for Irma. AIR
Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
According to AIR, exposure value in the coastal counties along the Gulf Coast up
to Tampa, which will bear the brunt of the impact, is estimated at USD 1
trillion.
After battering a string of Caribbean islands since its first landfall in
Barbuda on September 6, Hurricane Irma made landfall on Cuba's northern coast as
a Category 5 storm on Friday, September 8. Irma weakened to Category 3 as it
interacted with land throughout Friday and into Saturday morning, but
reintensified to a Category 4 storm as it turned north toward Florida on
Saturday night.
Irma's center crossed the lower Florida Keys at 9:10 AM on Sunday, September
10, making a first U.S. landfall on Cudjoe Key at Category 4 strength, with
maximum sustained winds of 130 mph, according to the National Hurricane Center
(NHC).
The storm weakened to Category 3 status before it made its second landfall on
Marco Island at 3:35 PM EDT on the southwest coast of Florida, just south of the
city of Naples. Sustained winds at landfall were 115 mph, according to the NHC.
Nearly the entire state of Florida has been subject to strong winds and
torrential rains, and very dangerous storm surge. Hurricane Irma lashed the
Florida Keys with extreme winds and torrential rains, its center passing just
20 miles east of the popular tourist destination of Key West. At least 10 inches
of rain have fallen in parts of Florida, including in Okeechobee. The Army Corps
of Engineers, which discharged water from Lake Okeechobee in advance of Irma's
arrival, has said that they do not anticipate levee failure. Indeed, while
rainfall totals of 10-15 inches with isolated pockets of up to 20 inches are
expected across Florida, Irma's forward motion should prevent the kind of
accumulations and resulting flooding seen two weeks ago in Texas from Hurricane
Harvey.
By the 2:00 a.m. NHC advisory, Irma had been downgraded to a Category 1 storm
with sustained winds of 85 mph. Irma is expected to reach Georgia by Monday
afternoon, where it will encounter increasingly strong wind shear and quickly
weaken. However, torrential rains are expected to produce inland flooding, with
life-threatening flash floods, throughout much of the state.
AIR's modeled 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.
AIR continues to monitor Hurricane Irma and will issue updates as warranted.
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals,
businesses, and society more resilient to extreme events. In 1987, AIR Worldwide
founded the catastrophe modeling industry and today models the risk from natural
catastrophes, terrorism, pandemics, casualty catastrophes, and cyber attacks,
globally. Insurance, reinsurance, financial, corporate, and government clients
rely on AIR's advanced science, software, and consulting services for
catastrophe risk management, insurance-linked securities, site-specific
engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk
Analytics (Nasdaq:VRSK) business, is headquartered in Boston with additional
offices in North America, Europe, and Asia. For more information, please visit
www.air-worldwide.com.
###
For more information, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong(at)air-worldwide.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AIR Worldwide via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 11.09.2017 - 12:04 Uhr
Sprache: Deutsch
News-ID 559428
Anzahl Zeichen: 5230
contact information:
Town:
Boston
Kategorie:
Business News
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