Insurers May Take $4.3 Billion Hit From Hurricane Zeta in US

By Reuters
November 2, 2020US News
Insurers May Take $4.3 Billion Hit From Hurricane Zeta in US
An overturned trailer sits next to a home after Hurricane Zeta in Reggio, La., on Oct. 29, 2020. (Sandy Huffaker/Getty Images)

Insurers are bracing for a hit of about $4.3 billion from Hurricane Zeta in the United States, catastrophe modeling company Karen Clark & Co (KCC) said on Monday.

At least six people were killed in the southeast of the United States and more than 2 million people were without power on Thursday after Hurricane Zeta slammed into the Gulf Coast and moved northeast.

Overall, nine U.S. states were hit by Hurricane Zeta, with the highest losses in Louisiana, Mississippi, and Georgia, KCC said, adding that 2020 had been a record year for named storms that made a landfall.

The loss forecast includes damage to residential, commercial, and industrial properties as well as automobiles, KCC said.

Karen Clark also estimated an $80 million hit to insurers in Mexico from the hurricane.

Separately, catastrophe risk modeling firm AIR Worldwide estimated insured losses from the hurricane in the range of $1.5 billion to $3.5 billion.

By Noor Zainab Hussain

ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.