Irma Damage Expected To Reach $18B In US - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Property and Casualty News
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
INN Daily Newsletter Hot Off The Wires
Property and Casualty News RSS Get our newsletter
Order Prints
September 13, 2017 Property and Casualty News
Share
Share
Post
Email

Irma Damage Expected To Reach $18B In US

Miami Herald (FL)

Sept. 14--Insured losses from Hurricane Irma could total $18 billion in the U.S., far less than anticipated when the storm was barreling toward Florida's east coast as a Category 4 monster but still among the nation's worst.

Karen Clark and Co., a Boston-based firm that analyzes risk, estimated total losses, including the Caribbean, at $25 billion. Florida accounts for most of the $18 billion in the U.S., followed by Georgia, South Carolina and Alabama. The estimate covers damage to buildings and their contents, other insured structures, and vehicles and the disruption to business. It does not include crop losses or losses covered by the nation's flood insurance program, Clark said.

The estimate also does not cover the total cost of the storm, which can be a trickier number to calculate, she said.

"It would include infrastructure: damage to roads, beach erosion, cleanup efforts. All these other things that go into total economic loss, which are squishier numbers. I don't know of any organization that tallies that."

At that amount, Irma falls just outside the top 10 list and above the $15.4 billion Clark estimated for Harvey's losses. The 1926 Miami hurricane still ranks as the worst in the U.S., according to Clark's tally, with losses in today's dollars totaling $150 billion. That's followed by the 1928 hurricane that struck Lake Okeechobee at $77 billion, the 1900 hurricane in Galveston at $60 billion and 2005's Katrina, which generated $59 billion in insured losses, she said.

Irma became the second Category 4 storm to strike the U.S. in less than a month when it made landfall Sunday morning on Cudjoe Key and the first Cat 4 in Florida since 2004's Charley. Irma will also go down as one of the Atlantic's strongest hurricanes on record, with peak winds of 185 mph lasting 37 hours.

After South Florida was forecast as a potential target for a Cat 4 Irma, Clark told clients that losses could rise as high as $150 billion.

"That is the worst location for a major storm," she said. "A strong Cat 4 on that track? Yes, it would be over $150 billion."

After Irma began to weaken, potential losses dropped significantly. Irma also turned out to be a much dryer storm than the worst case scenarios forecasters warned about, with severe storm surge in Tampa and St. Petersburg never materializing. In wet storms like Katrina and Harvey, flood losses, which are usually not insured, can be much higher.

Irma delivered her worst blow to the Keys, which the storm struck with 130 mph sustained winds. Most of that was limited to mobile homes, roofs and windows, light structures and signs, Clark said. Outside the Keys, damage was mostly caused by falling trees. Once the storm crossed into the Gulf, it weakened considerably as it ran up the coast, although homes in Everglades City were hit hard.

The storm also triggered surprisingly severe coastal flooding farther north in Jacksonville and Charleston, where Irma's surge coincided with high tide and heavy rain. In Jacksonville, the St. Johns River rose to almost six feet, and rain totals reached 11 inches.

Follow Jenny Staletovich on Twitter @jenstaletovich

___

(c)2017 Miami Herald

Visit Miami Herald at www.miamiherald.com

Distributed by Tribune Content Agency, LLC.

Older

EDITORIAL: Stop trying to kill Obamacare

Newer

EDITORIAL: Feds must move faster to greenlight Minnesota health premium savings

Advisor News

  • Could a narrower focus help grow your practice?
  • U.S. debt hits $40 trillion: how to support concerned clients
  • Flourish brings private-bank-like cash solution to MassMutual’s network
  • Majority of Americans concerned recent market highs are unsustainable
  • GLP-1 users choose between medication and retirement saving
More Advisor News

Annuity News

  • Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
  • Insurer proposes $1.1M deal to resolve CA teachers’ annuity fee lawsuit
  • IMOs get frustrated with slow carrier adoption of faster technology
  • New class-action lawsuit targets Delaware Life over annuity disclosures
  • A client remarried: Does their annuity still fit?
More Annuity News

Health/Employee Benefits News

  • Sen. Farry's EMS Transport Bill Advances Past Senate Committee
  • Candidates for California's 46th Congressional District weigh in on healthcare, data centers and immigration
  • Reports Outline Robotics Study Results from Medical Research Institute (Current status and 10-year trends of reimbursed robot-assisted surgery in Japan: a nationwide claims-based study using the NDB Open Data): Robotics
  • Queen’s shuns HMSA’s new Medicare HMO plan
  • State Health Plan moves some Atrium sites out of network after court setback
Sponsor
More Health/Employee Benefits News

Life Insurance News

  • AM Best Affirms Credit Ratings of Aflac Incorporated and Its Subsidiaries
  • AM Best Upgrades Credit Ratings of Dah Sing Insurance Company Limited
  • Could a narrower focus help grow your practice?
  • How life insurance can solve problems unique to HNW clients
  • Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
Sponsor
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
  • Classic Car Insurer OpenRoad Insurance Expands to 40 U.S. States in Two Years
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.