Morning Agenda: The Cost of Irma to Florida’s Insurers
- 7 years ago
Morning Agenda: The Cost of Irma to Florida’s Insurers
Here are more estimates regarding Irma:
• The economic cost could be as much as $300 billion, with about $2 trillion of property in danger
and a potential impact on food prices, The Guardian reported.
(Whereas most of the destruction late last month from Hurricane Harvey came from inland flooding, high winds were
likely to have caused much of the damage from Irma — a peril covered by many standard homeowners’ policies.)
Munich Re has estimated that the losses from Irma could be as much as $30 billion, putting the storm on a scale similar to Hurricane Sandy.
• The storm has already caused more than $10 billion in damage across the Caribbean, although this
figure does not yet include the toll in the Dominican Republic or Cuba, the BBC reported.
Irma could set a new benchmark as insurers tote up losses in the coming weeks, writes Glenn McGilivray,
a managing director at the Institute for Catastrophic Loss Reduction, in Toronto.
Here are more estimates regarding Irma:
• The economic cost could be as much as $300 billion, with about $2 trillion of property in danger
and a potential impact on food prices, The Guardian reported.
(Whereas most of the destruction late last month from Hurricane Harvey came from inland flooding, high winds were
likely to have caused much of the damage from Irma — a peril covered by many standard homeowners’ policies.)
Munich Re has estimated that the losses from Irma could be as much as $30 billion, putting the storm on a scale similar to Hurricane Sandy.
• The storm has already caused more than $10 billion in damage across the Caribbean, although this
figure does not yet include the toll in the Dominican Republic or Cuba, the BBC reported.
Irma could set a new benchmark as insurers tote up losses in the coming weeks, writes Glenn McGilivray,
a managing director at the Institute for Catastrophic Loss Reduction, in Toronto.