Private insured losses from Hurricane Ian are projected to reach near $63 billion, with $200 million coming from damages in the Caribbean and the remaining from wind, storm surge and inland flooding in the U.S., according to Karen Clark & Co. (KCC)

Based on its projections, KCC reported Hurricane Ian will be the largest hurricane-related loss event in Florida history, in nominal dollars. The early estimates exclude National Flood Insurance Program (NFIP) losses as well as damages to boats, offshore properties, and uninsured wind and flood losses.

While Hurricane Ian is anticipated to result in big losses given its size and intensity, S&P Global Ratings reported that the insurance industry should be able to manage insured losses.