Verisk’s Catastrophe and Risk Solutions business has estimated insured industry losses to onshore property from Hurricane Isaias at between $1 billion and $2 billion, with wind damage expected to account for the vast majority of losses.
Verisk explained that the estimate covers wind and privately insured storm surge losses from Isaias’ Florida Panhandle landfall.
It includes building, contents and time-element coverages for onshore residential, commercial and industrial properties and automobiles.
As a reminder, Hurricane Isaias made landfall near Destin, Florida, on Oct. 9 as a Category 2 hurricane, with maximum sustained winds of 105 mph and a minimum central pressure of 971 mb.
Verisk said the storm weakened rapidly after moving inland and transitioned into a post-tropical cyclone over Alabama early the following morning.
According to the firm, the most severe wind damage occurred west of Isaias’ landfall location, particularly in Florida’s Santa Rosa and northeastern Escambia counties.
Verisk continued, “Reported impacts included roof damage, structural damage, downed trees and widespread debris. In Okaloosa County, the most common damage mechanism was trees falling onto residential structures.
“Overall, the event was characterised primarily by wind-related damage, including fallen trees, damaged roofs, fencing losses and debris impacts.”
Power outages were also reportedly widespread across the Florida Panhandle, with some counties reporting outages affecting a majority of residents.
Additional impacts were reported in Alabama and Georgia, where the weakening storm and its remnants caused downed trees and further power disruptions.
Other major information providers have also weighed in. Cotality, a global provider of property information, analytics and technology-enabled data solutions, has estimated insured losses from Hurricane Isaias’ wind and storm surge at $2 billion to $3 billion.
Moody’s has stated that Isaias will deliver a modest regional economic shock, with an estimated $1 billion to $2 billion in lost economic output.
Meanwhile, AccuWeather estimated that Isaias will cause $16 billion to $20 billion in total damage and economic loss across the Gulf and the eastern United States.
Lastly, Euler ILS Partners, a specialist ILS investment manager, has put the initial industry loss estimate at between $2 billion and $4 billion.
