Hurricane Irma: Damage high, likely below worst projections

Update: AIR lowered its projection for U.S. insured losses from Irma to  a range of $20 billion to $40 billion Monday.

Original post: The main concern now is the life and safety and people in its path, but a catastrophic modeling firm on Saturday projected Hurricane Irma’s insured losses in the U.S. alone could reach $50 billion, making it a contender for the most expensive storm on record.

Much depends on its path as Hurricane Irma approaches Florida, but AIR Worldwide projected that insured losses could range from $20 billion to $65 billion in the U.S. and Caribbean combined.

The estimate was based on the forecast track as of early Saturday, though a lot could change in the next 24 to 48 hours.

 

“As Hurricane Irma moves closer to Florida’s shores, we’re already taking steps and making plans to assist Floridians with post-storm recovery,” Florida Chief Financial Officer Jimmy Patronis said Saturday. “We’re putting search and rescue assets in place, and readying our insurance experts to hit the ground running to help consumers with their post-storm claims. I urge all Floridians to finish their final preparations and prepare for Irma’s imminent landfall.”

For more Palm Beach Post coverage of the estimated impact, read this story.

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