WASHINGTON: Insurers are bracing for a hit of about US$18 billion from Hurricane Ida in the US and the Caribbean, catastrophe modelling company Karen Clark & Co (KCC) said on Wednesday.
KCC said US$40 million worth of the insured loss will be in the Caribbean and the rest from wind and storm surge losses in the US.
Hurricane Ida made landfall in the US on Sunday as a Category 4 hurricane, after sweeping ashore from the Gulf of Mexico, flooding wide areas under heavy surf and torrential rains.
The forecast includes privately insured damage to residential, commercial, and industrial properties and automobiles and does not include boats, offshore properties or losses that come under the US National Flood Insurance Program (NFIP).