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Irma will cost between 20 and$ 40-billion industry, according to AIR Worldwide

by

Mathieu Carbasse

12 September 2017 11:30

Photo : Florida National Guard

AIR Worldwide, a company specializing in the modeling of natural disasters, predicts that the insured losses related to the passage of hurricane Irma will be understood, in the United States, between 20 and 40 billion US dollars (G$). The company, a subsidiary of Verisk Analytics, also believes that the exposure level in the counties located along the west coast of Florida, amounted to 1 000 G$.

The eye of the hurricane Irma has crossed the Lower Florida Keys on Sunday 10 September, with maximum sustained winds of over 200 km/h (category 4), according to the National Hurricane Center (NHC). The storm subsequently weakened to the status of a category 3 before landfall on the southwest coast of Florida, just south of the city of Naples, with sustained winds reaching 185 km/h.

The estimates of insured losses modeled by AIR Worldwide for the United States include the damage caused by the winds and storm surge to residential properties, commercial and industrial, property and motor vehicles, additional living expenses for disaster victims and business interruption.

In contrast, the estimates of AIR Worldwide does not include losses that are supported by the Program national flood insurance (National Flood Insurance Program) losses for property not insured, the losses related to boats plying on the inland waters, pleasure boats and commercial vessels, as well as losses in terms of infrastructure.

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