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Insurance industry losses from Hurricane Florence, which hit the Carolinas mid-September as a Category 1 storm, will be manageable and not have a severe impact on insurers, according to experts.

As the storm turned out to be less of a wind event and with flood excluded on most homeowners policies, it is expected insurers will not experience the significant losses that were initially feared. However uninsured flood losses could cost nearly $20 billion, by some estimates.

“All indications we have seen is [Florence] was more of a flood event than wind issue,” said Brian O’Neill, exectuive vice president for JLT Re’s National Catastrophe Practice.

According to Fitch Ratings, wind speeds from Florence diminished as the storm approached the U.S. coast and Florence was downgraded to a Category 1 hurricane before making landfall in North Carolina on Sept. 14. Fitch said the level of wind related damage to property is expected to be modest as a result of the significant decline in wind speeds, limiting losses to primary property insurance writers.

Catastrophe modeling firm AIR Worldwide estimated that industry insured losses from Florence’s winds and storm surge will range from $1.7 billion to $4.6 billion. Losses include downed trees that caused damages to homes and automobiles, downed utility poles, and shingle loss with isolated cases of more extensive roof damage.

Karen Clark & Co. said it expects insured losses from Hurricane Florence will reach $2.5 billion. That estimate includes insured losses to residential, commercial and industrial properties.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/09/25/502196.htm

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