AIR Worldwide: Irma may cost U.S. insurers up to USD 40 billion

AIR Worldwide estimates insured losses in the United States resulting from Hurricane Irma will range between USD 20 - 40 billion, while the exposure value in the main hit region is estimated at USD 1 trillion.

According to the U.S. media, Florida's agriculture may see losses of up to 30% of some major crops as citrus, sugar cane or grapefruit which last year totaled around USD 2 billion.

After battering a string of Caribbean islands since its first landfall in Barbuda on September 6, Hurricane Irma made landfall on Cuba's northern coast as a Category 5 storm on Friday, September 8. Irma weakened to Category 3 as it interacted with land throughout Friday and into Saturday morning, but reintensified to a Category 4 storm as it turned north toward Florida on Saturday night.

AIR's modeled insured loss estimates for the United States include wind and storm surge damage to onshore residential, commercial, and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties). AIR's loss estimates do not include losses paid out by the National Flood Insurance Program, losses to uninsured properties, losses to inland marine, marine cargo and hull and pleasure boats, and losses to infrastructure.

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