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RMS: Hurricane Irene Could Cost Insurers Up To $5.5B

Catastrophe risk modeler Risk Modeler Solutions (RMS) has weighed in on how much Hurricane Irene will cost the P&C insurance industry. The Newark,…

By Chad Hemenway | Updated on September 29, 2011
Catastrophe risk modeler Risk Modeler Solutions (RMS) has weighed in on how much Hurricane Irene will cost the P&C insurance industry. The Newark, Calif.-based modeler says the insured losses from Hurricane Irene in the United States and Caribbean will fall between $2.5 billion and $5.5 billion.

Specifically for the U.S., RMS says insured losses will be between $2 billion and $4.5 billion. Modeler Eqecat believes that U.S. insured losses from Irene will range between $1.5 billion and $2.8 billion. AIR Worldwide pegged U.S. insured losses at $3 billion to $6 billion.

Add insured losses from the storm’s damage in the Caribbean and the range climbs to between $1.8 billion and $3.4 billion, according to Eqecat. AIR added an insured loss estimate for the Caribbean of between $500 million and $1.1 billion.

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