Hurricane Irma will hammer insurance industry with at least $15 billion in claims, study shows | Touch Latest Local,World,Tech,Entertainment,Health,Sport News
23 April 2018 00:00:00 AM Breaking News

• INSURANCE

Hurricane Irma will hammer insurance industry with at least $15 billion in claims, study shows

  • The insurance industry will need to brace for billions in claims related to Hurrican Irma, a firm has projected.
  • Irma reached the Florida Keys on Saturday.
  • The hurricane is expected to sweep through Florida and into Georgia.and $65 billion, according to a projection from risk modeling software company AIR Worldwide.

    The company includes in its estimate both the United States and selected islands in the Caribbean. For the U.S. alone, insured losses are expected to reach between $15 billion to $50 billion, AIR notes.

    Although the final costs of Hurricane Harvey are still being tallied, the more powerful Irma has brought Florida to a standstill and is likely to pack a financial wallop along with its human toll.

    Amid widespread disaster preparations, analysts expect that the government will bear the brunt of these losses, with $2 to $4 billion expected to fall to private insurance companies.

    "According to AIR, in Florida, close to 80 percent of the total insured value is located in coastal counties, where the amount and value of exposure has been growing significantly for decades," the report noted.

    The Miami area is the southeast's most densely populated region, AIR states, and since Hurricane Andrew in 1992 has maintained strict codes for hurricane damage.

    "As in the case of the 2004 hurricane season, significant damage may be expected to roof covers related to installation and attachment methods," AIR wrote. "Manufactured homes are vulnerable to significant damage during hurricanes and their performance tends to be a function of age and of the regulations under which the home was constructed and installed."

    According to the latest reports, Hurricane Irma's strong winds and heavy rain have already reached the Florida Keys. The Category 3 storm is expected to push further into the state, and may yet strengthen once more when it hits Florida's west coast.

Recommended

Loading...

Related Posts

Customs Intercepts Goods and Vehicles Worth N28m

The Oyo/ Osun Command of Nigeria Customs Service, on Wednesday 14th June, 2017,

Read More

N541.8bn debt: Access bank, others take over Etisalat

consortium of Nigerian banks including Access Bank PLC and United Bank for Afric

Read More

This is the most brazen act of Obamacare sabotage yet

The Trump administration has let funding for Obamacare's $63 million i

Read More

Uber Aims To Launch Flying Taxis In Dallas And Dubai By 2023

10 years ago, the concept of self-driving cars seemed the stuff of science-ficti

Read More

Only one country in US remains without an Obamacare insurer for 2018

There has been a steady decrease in the number of counties at risk of having no

Read More

Hurricane Irma will hammer insurance industry with at least $15 billion in claims, study shows

The insurance industry will need to brace for billions in claims related to Hurr

Read More

Court orders forfeiture of estate owned by Alison-Madueke

A Federal High Court in Lagos has ordered the interim forfeiture of an estate in

Read More

Also Read

I have never told any girl to carryout an abortion – Davido

Following his baby mama drama, Nigerian pop sensation, Davido says he has never

Read More

Mercedes Benz Fashion Week held in Budapest, Hungary

A model presents a creation by the Hungarian brand Je Suis Belle during the Me

Read More

Liverpool draw with Southampton ‘not the end of the world’ – Klopp

Jurgen Klopp rued his side’s lack of efficiency in front of goal after Li

Read More

Ogun APC excos petition Oyegun, accuse Amosun of killing party

Local government executives of the All Progressives Congress (APC) in Ogun State

Read More

Gunmen shell Melaye’s country home

Senator Dino Melaye’s country home at Ayetoro-Gbede in Kogi state was she

Read More

Police search for man who broadcast deadly shooting on Facebook

Cleveland police issued an arrest warrant Monday for a gunman they said murdered

Read More

Earnings Preview: What To Expect From T-Mobile On Monday

T-Mobile Inc. is scheduled to report earnings after Monday's close. The s

Read More

Lagos rent-to-own programme to bridge housing deficit – Commissioner

Gbolahan Lawal, the Lagos Commissioner for Housing, has assured Lagosians that

Read More

Chelsea 4-2 Tottenham Highlights (Chelsea saw off brave Tottenham to book a place in FA Cup final)

Chelsea took on Tottenham Hotspurs in the semifinal of 2017 FA Cup and it pr

Read More

Real Madrid 3 APOEL 0 result: Uefa Champions League 2017-18 action as it happened at Bernabeu

Holders Real Madrid gave their hopes of winnin four&nbs

Read More