Hurricane Florence insured loss estimated at $2.5bn
Insured losses from Hurricane Florence will be around $2.5 billion, according to KCC estimates.
The estimates are based on the KCC US Hurricane Reference Model and include the privately insured wind, storm surge, and inland flooding damage to residential, commercial, and industrial properties as well as automobiles. It does not include National Flood Insurance Program (NFIP) losses.
Hurricane Florence made landfall near Wrightsville Beach, North Carolina, with Category 1 wind speeds on September 14. It reached peak intensity of 140 mph on Sept. 10, but weakened before impacting the US coast and spared the Carolinas from major hurricane impacts.
Florence brought heavy precipitation in excess of 30 inches to parts of North Carolina.
Peak surge from hurricane Florence reached 10 feet in New Bern, North Carolina, and other areas of the state including Beaufort and Wilmington had significant storm surge impacts. Locations at the heads of shallow bays, where the water is more easily pushed ashore by a hurricane’s high wind speeds, experienced the most coastal inundation.
Tropical storm force winds were experienced across much of North and South Carolina. This led to widespread low-level damage. Almost one million households lost power due to falling trees and power lines.
North Carolina, including Lumberton and Washington, experienced significant flooding driven by extreme rainfall rates as high as 30 inches in 24 hours. In addition to Florence’s slow forward speed contributing to rainfall rates, parts of the storm’s circulation remained over water as it began to move inland and provided the hurricane with a sustained source of water. Flooding was also exacerbated by storm surge preventing rivers from draining into the ocean and increasing their susceptibility to overtopping.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
SCOR rumoured to face new takeover approach by Covéa
Tokio Marine Kiln hires Novae CFO as Dover departs
Insurtech Setoo secures €8m funding from AXA
FedNat estimates Hurricane Florence loss at $4m
Chubb appoints new reinsurance officer
Hurricane Florence to expose gaps in flood insurance
Ascot MGA Ethos appoints new CEO
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze