Dorian Could Bring Losses of More Than $1B

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Coastal Homes at Risk DSNews

Insurance Business America reports that insured losses from Hurricane Dorian in the U.S. could be between $500 million and $1.5 billion, according to estimates from analytics firm RMS. 

The projection represented insured losses associated with wind and storm-surge damage, as well as losses to the National Flood Insurance Program (NFIP). 

“While Dorian caused material damage in several states, the overall impact to the US could have been much worse had the storm taken a different track,” said Jeff Waters, Senior Project Manager for RMS North America Atlantic Hurricane Models. “We were fortunate that the majority of Dorian’s damaging winds and storm surge remained offshore as it tracked along the US coastline before weakening and eventually making landfall in North Carolina.”

The estimate also states that total insured losses from Dorian, including those in the Caribbean, U.S., and Canada, will fall between $4 billion and $8.5 billion. RMS states most of the losses will be from damages in the Bahamas. 

Dorian demolished the Bahamas earlier this month, as the storm stalled over the island. The Washington Post reports that authorities said three out of every four homes on Grand Bahama were underwater, and recovery “will cost billions of dollars.” 

The Post states that Prime Minister Hubert Minnis said Tuesday that the official death count has risen to seven, but expects that to increase as more of the damaged areas can be reached. 

“Parts of Abaco are decimated. There is severe flooding,” Minnis said. “There is severe damage to homes, businesses, other buildings and infrastructure.”

Bahamas Deputy Prime Minister Peter Turnquest said the island’s infrastructure is “wrecked.” 

By the time the storm hit mainland U.S. it had downgraded to a Category 1. Dorian hit the outer banks of the Carolinas before moving north and hitting Nova Scotia, Canada. The storm still had sustained winds of 100 mph when it struck the coast of Canada. 

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