14 October 2020Insurance

KCC pegs Hurricane Delta insured loss at $1.25bn

Insured losses to onshore property resulting from Hurricane Delta, a Category 2 storm that impacted southwestern Louisiana and Mexico’s Yucatan Peninsula early last week, are expected to be around $1.25 billion, according to Karen Clark & Company (KCC).

The estimate, based on KCC's Hurricane reference models, includes $950 million wind and storm surge losses in the US and $300 million wind losses in Mexico.

The modelling firm said the estimate includes the privately insured wind and storm surge damage to residential, commercial, and industrial properties and automobiles.

It does not include NFIP losses or losses to offshore assets, and any potential impacts on losses due to COVID-19.

Delta was the 10th named storm to make a US landfall so far in 2020, and the 25th named storm of the year's North Atlantic Hurricane season.

The hurricane made two landfalls, the first near Puerto Morelos, Mexico, with winds of 110 mph and the second near Creole, Louisiana, with 100 mph winds.

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