AIR Worldwide has updated its estimate of insurance and reinsurance industry losses caused by hurricane Irma in the U.S. and Caribbean to between $32 billion and $50 billion.
The United States is expected to see $25 billion to $35 billion of insured losses, while the Caribbean is expected to see $7 billion to $15 billion.
AIR said that its U.S. estimates of insurance losses include wind and storm surge damage to onshore residential, commercial, and industrial properties and their contents, as well as losses to automobile lines. They do not include losses that fall to the National Flood Insurance Program (NFIP).
In the Caribbean, AIR’s loss estimates include wind and precipitation-induced flooding damage to onshore residential, commercial, and industrial properties and their contents, auto, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties). But not infrastructure, boating and marine craft.
AIR had previously put the U.S. insured loss from hurricane Irma at up to $40 billion, so this updated estimate brings the total down a little for the United States.
