Hurricane Florence continues to weaken as it batters the North and South Carolina coast, driving dangerous storm surges of 10 feet and flooding impacts, according to reports.
The latest update from the NHC states that Florence has weakened to a category 1 storm, with maximum sustained wind of up to 90mph. As the storm weakens, the expected contribution to insurance and reinsurance industry losses from wind has declined, but the water threat has remained high.
Originally, the storm was expected to make landfall with 140 mph or higher sustained winds, but the storm weakened as it approached and made landfall. However, having already surprised meteorologists, the fact the storm slowed before landfall means that it could rake the North Carolina coastline for some time, with storm surges also expected in South Carolina.
It remains uncertain exactly what the impact to the insurance and reinsurance industry will be, but it does seem apparent that the wind element has declined from initial expectations. However, the impact from flood and water does remain and could prove to be costly for the re/insurance industry.
Wind gusts of up to 90 mph have been reported in the landfall areas, and sustained winds of 75 mph have been recorded at Cape Lookout, North Carolina. The storm is expected to continue to weaken as it interacts with the land.