Hurricane Isaias insured losses estimated to top $4.2B in U.S. and Caribbean
Isaias created havoc all along the Atlantic coast last week when strong winds knocked out power for over 3 million residents.
Early insured loss estimates for Hurricane Isaias are in days after the storm rocked the East Coast, knocking out power for millions and creating significant property damage from the Carolinas to New York.
Isaias became the second hurricane of the season to make landfall in the U.S., touching down in Ocean Isle Beach, N.C., on August 3, after hitting the Caribbean. Isais previously made landfall in the Dominican Republic as a tropical storm before hitting the Bahamas as a hurricane.
On Monday (Aug. 10), Karen Clark & Company (KCC) issued an early insured loss estimate for Hurricane Isaias, evaluating losses in both the U.S. and the Caribbean. Based on its hurricane reference models, KCC estimates the insured loss from Hurricane Isaias will be around $4 billion in the U.S. and $200 million in the Caribbean.
This estimate includes the privately insured wind and storm surge damage to residential, commercial, and industrial properties and automobiles, KCC says and does not include NFIP losses.
Assessing Isaias’s impact
Isaias created havoc all along the Atlantic coast last week. Strong winds knocked out power for over 3 million residents, leaving millions in New York and New Jersey in the dark for almost a week.
The Category 1 storm made landfall in North Carolina on August 3 with maximum sustained winds of 85 mph, bringing torrential rains, storm surge, damaging winds and tornadoes.
The Mid-Atlantic and Northeast recorded wind gusts of 60 to 70 mph as the core of Isaias passed through the region. Downed trees and power lines caused structural damage to properties, crushed automobiles, and disrupted transportation services throughout the affected area for several days.
The Caribbean, Puerto Rico, the Dominican Republic, and the Bahamas were subjected to powerful winds from Isaias, tearing down trees and power lines. In Puerto Rico, around 350,000 customers lost power and many communication towers were rendered inoperable.
Areas of the Bahamas impacted by Isaias were among the regions devastated by Hurricane Dorian last year. Worsening Isaias’s impact in these areas, not all repairs needed after Dorian had been completed by the start of this hurricane season. In the wake of Isaias, roof damage and structural damage from downed trees were observed in commercial and residential buildings, according to KCC’s loss report.
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