tropical storm Dorian 2019

Loss expectations from hurricane Dorian are rising towards $2 billion for the primary insurance carriers located in the Bahamas, as the latest company updates emerge and the financial impacts of the devastating storm continue to rise for the local industry.

Primary insurance carriers located in the Bahamas are set to take around $1.5 billion of losses following the impacts of claims from hurricane Dorian earlier this year, according to the local insurance association.

According to insurance and reinsurance broker Aon, hurricane Dorian’s impacts in the United States are only expected to result in insured losses of up to $600 million, while in Japan the broker says typhoon Faxai will cost re/insurers over $5 billion.

Hurricane Dorian may ultimately result in an impact to the insurance and reinsurance industry of up to $8.5 billion across all territories affected by the storm, according to catastrophe risk modelling specialist RMS.

Hurricane Dorian is estimated to have caused an industry insured loss of $5.23 billion by catastrophe risk modeller Karen Clark & Company (KCC).

Hurricane Dorian is estimated to have caused a wind and storm surge related insurance industry loss of between $3.5 billion and $6.5 billion in the Caribbean and Bahamas by catastrophe risk modelling specialists RMS.

Hurricane Dorian is estimated to have caused an insurance industry loss in a range from $1.5 billion to as much as $3 billion from its impacts to the Caribbean islands, according to AIR Worldwide.

Hurricane Dorian has begun to weaken somewhat as it lashes the North Carolina coast, with flooding from storm surge and rainfall reported in some areas, as well as wind damage. The storm is now expected to sustain its hurricane force winds right up into eastern Canada and the surrounding region.

Hurricane Dorian’s category 5 winds and devastating storm surge are expected to result in combined insurance and economic costs of at least $7 billion, according to an estimate from Karen Clark & Company.

Hurricane Dorian remains a dangerous storm offshore of the southeastern United States, but it has weakened very slightly back to Category 2 status although still poses a dangerous threat to the Carolinas where a landfall remains possible.