Private market insured losses from Hurricane Idalia to be US$3 billion to US$5 billion: Moody’s RMS

PRIVATE market insured losses are expected to be between US$3 billion and US$5 billion due to Hurricane Idalia, which struck the Big Bend region of Florida last week, the catastrophe risk modelling business of Moody’s said in a report on Monday (Sep 4).

Idalia hit Florida’s Gulf Coast with fierce winds, torrential rains and pounding surf before weakening but turning to south-eastern Georgia, where floodwaters trapped residents in their homes.

The estimates represented insured losses associated with wind, storm surge and precipitation-induced flooding caused due to the hurricane.

“Major Hurricane Idalia could have been much more impactful had the storm taken a different track or not weakened just before landfall,” said Jeff Waters of Moody’s RMS said.

The report also said it expects around US$500 million in losses to the National Flood Insurance Programme due to the hurricane. REUTERS