Estimated Insured Losses For Hurricane Dorian
AIR Worldwide estimates insured losses for Hurricane Dorian in the Caribbean will be between $1.5 billion to $3 billion.
The company said, “Due to Dorian’s track, much of the Caribbean experienced little or no damage outside of the Bahamas. However, in the Bahamas, Grand Bahama and Abaco Island were devastated by Hurricane Dorian; buildings were destroyed, roofs were torn off, trees were felled, streets and homes were flooded, and cars, boats, and debris were strewn everywhere.
AIR’s modeled insured loss estimates for the Caribbean include:
- “Damage to onshore residential, commercial, and industrial properties and their contents, as well as automobiles
- “Time element coverage [additional living expenses for residential properties and business interruption for commercial properties that experience physical loss from both direct and indirect sources]
- “Storm surge [implicitly accounted for in the wind damage functions]
AIR’s modeled insured loss estimates for the Caribbean do not include:
- “Loss to offshore properties, pleasure boats, and marine craft [losses for boats inside a building may be estimated if their replacement value is included as contents]
- “Losses to infrastructure
- “Losses from hazardous waste cleanup, vandalism, or civil commotion whether directly or indirectly caused by the event
- “Demand surge
- “Losses resulting from the compromise of existing defenses [e.g., levees]
- “Losses to uninsured properties
- “Other non-modeled losses, including loss adjustment expenses”
