AIR Worldwide estimates insured losses from Hurricane Ophelia, the main brunt hitting North Carolina, arising mainly from the U.S. eastern seaboard will not exceed $800 million.
“Though its strongest winds remained over the Atlantic, Ophelia will still impact the insurance industry,” Dr. Jayanta Guin, vice president for research and modeling at AIR Worldwide Corporation, says. “With an average forward speed of only about three miles per hour, many areas [in North Carolina] were subject to hurricane and tropical storm force winds for more than 24 hours. This continued pounding weakens building components and ultimately leads to more damage than would normally be expected at these wind speeds.”
AIR expects widespread damage to roof shingles, cladding, and other non-structural components, such as awnings. Additional property damage is anticipated from trees felled by the storm. Power was knocked out to more than 200,000 homes and businesses, which is expected to result in some business interruption losses.