Hurricane Arthur, the first tropical cyclone of the Atlantic Hurricane Season and the first hurricane to make U.S. landfall since Sandy in 2012, is not expected to produce losses exceeding $250 million from wind and coastal flooding, RMS says.
In a blog post Verisk's website, Ted Gregory, manager of Verisk's Property Claim Services, set the bar for losses even lower, saying the storm did not cause enough damage to be labeled a catastrophe.
“As of July 7, 2014, PCS has determined that the storm has not caused enough damage in the United States to warrant PCS catastrophe designation (PCS designates an event as a catastrophe when it reaches $25 million in claims and affects a significant number of policyholders and insurers),” Gregory writes.
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