Hurricane Losses Expected To Be 500M – 1.5B
The insured losses from Hurricane Isaac are expected to range between $500 million to $1.5 billion, according to catastrophe modelling firm EQECAT.
A statement from the Company said: “Combining EQECAT’s IED and proxy event IDs for Isaac with EQECAT’s North Atlantic Hurricane Model produces an insured loss estimate for onshore property ranging between $500 million to $1.5 billion from this event.
“EQECAT’s IED represents estimates of total insured values derived from representative market exposure data, census demographics, macro economic data, building square footage data, and representative policy terms and conditions. EQECAT’s insured loss estimates do not include expected recoveries from the National Flood Insurance Program (NFIP).
“EQECAT’s IED for offshore energy represents valuations and vulnerability characteristics of fixed, floating and underwater assets in the Federal waters of the Gulf of Mexico. The insurance coverage of this industry is dynamic and EQECAT cannot reliably estimate what portion of the ground-up damage to these assets is ultimately insured by private insurers. EQECAT estimates that ground-up damages will range from $500 million to $1 billion from this event.”
you might want to review your title…
“Hurricane Losses Expected To Be 500M – 1.5M”
1.5B, as in billion, and not 1.5M.
Oh nooooo! Thanks, fixed!