RMS Estimate $1.1–$2.2B Losses From Nicholas

September 25, 2021 | 0 Comments

RMS estimates that the total U.S. insured losses from Hurricane Nicholas will be between US$1.1 and US$2.2 billion, and with the island being home to many of the world’s top re/insurers it is expected some will be paying claims,

A spokesperson said, “RMS, the world’s leading catastrophe risk solutions company, estimates that the total U.S. insured losses from Hurricane Nicholas to be between US$1.1 and US$2.2 billion. This estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding, including losses to the National Flood Insurance Program [NFIP].

“Nicholas made landfall on September 14, 2021 near Sargent Beach, Texas as a Category 1 hurricane on the Saffir-Simpson Hurricane Wind Scale with maximum sustained winds of 75 miles per hour [120 km/h]. The storm brought hurricane-force winds, prolonged heavy rainfall to the central Gulf Coast, including many areas in southern Louisiana still recovering from Hurricane Ida, as well as Hurricanes’ Laura and Delta [2020].

“RMS estimates US$700 million to US$1.4 billion in privately insured wind and storm surge losses based on analysis of ensemble footprints in Version 21 of the RMS North Atlantic Hurricane Models. RMS ensemble footprints are reconstructions of Nicholas’ hazard that capture the uncertainties surrounding observed winds and storm surge. The precipitation-induced inland flooding losses were generated using footprints from the RMS U.S. Inland Flood HD Model.

“Hurricane Nicholas was the fourteenth named storm of the 2021 North Atlantic hurricane season and the sixth hurricane. It was the second hurricane to make landfall this season.

“RMS industry loss estimates for landfalling hurricanes are comprehensive, reflecting modeled and non-modeled impacts from all major drivers of damage, including wind, storm surge, and inland flooding.”

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