Jeanne could be the worst hurricane of 2004

Early estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide pegs damages at US$5-$9 billion. Risk Management Solutions (RMS) says insurers could pay US$4-$8 billion.Thus far, the largest bill was from mid-August’s Hurricane Charley at US$6.8 billion, according to the U.S. Insurance Services Office (ISO).Jeanne hit near Stuart, Florida around midnight Saturday as a category-3 hurricane, near where Hurricane Frances made landfall in early September. While the insurance price tag from Frances has been estimated at US$4.4 billion by the ISO, early indications are that Jeanne has done more damage.RMS notes that part of the issue is the overlap of damage from Frances and Jeanne many homes had been temporarily repaired from the first hurricane when the second struck, leading to more significant damage. At the same time, notes Eqecat, losses could be on the low end of estimates because buildings already damaged by Frances will only be repaired once.In human terms, Jeanne is being blamed for at least 8 deaths in the U.S., following a death toll in Haiti from the same storm which is expected to exceed 1,500.Overall the four hurricanes may have wrought as much as US$25 million in insured losses in Florida, RMS estimates, making this season a once in 25-40 year event.