Risk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated US$2 billion-plus in damage in the Caribbean. The storm ripped through Jamaica, Grenada and the Cayman Islands. It will take days before Ivan reaches Florida’s coast, but based on current predictions by the National Oceanic and Atmospheric Administration (NOAA), it would likely hit the Gulf Coast between Tampa Bay and Pensacola. “If the storm makes landfall between Cedar Key and Tampa Bay, the expected losses could exceed $18 billion. If it makes landfall between Cedar Key and Tallahassee, losses could exceed $4 billion. A landfall between Tallahassee and Ft. Walton Beach could incur losses exceeding $3 billion, and a landfall between Ft. Walton Beach and Pensacola could cause losses exceeding $6 billion,” notes an EQECAT release.Some of these areas are still cleaning up the aftermath of Hurricane Frances (mid-August) and Hurricane Charley (early September).
How record-high Cat season will impact reinsurance renewals
About half of the Canadian P&C insurance industry’s projected $7.7 billion in losses due to four natural disasters over the summer will be covered by reinsurance, a reinsurance broker told the National Insurance Conference of Canada (NICC) in Vancouver Tuesday. “We can observe that about 50% of the losses coming out those four main events […]
By David Gambrill | September 26, 2024
3 min read