Hurricane Irene caused between $200 million and $400 million in insured losses in the Carolinas, catastrophe modeling company Eqecat said on Sunday.
At 7:30 a.m. ET Saturday, Aug. 27, Irene made its first landfall just west of Cape Lookout, North Carolina. Although Irene was a Category 1 hurricane at landfall, the sheer size of the storm caused severe damage from storm surge and flooding.
More than one million people have lost power due to damaged distribution lines, primarily from fallen trees and debris.
The North Carolina and Virginia coasts towards Virginia Beach experienced 6-10 feet of storm surge.
Slow-moving Irene produced heavier than initially expected rain totals, including up to 20 inches in North Carolina and more than 9 inches in Virginia. Limited flooding is expected in many locations, with rivers not expected to crest until Monday evening.
Eqecat said the bulk of the estimated insured losses of $200 to $400 million in the Carolinas are in North Carolina.
Combined with its estimate of $300 million to $600 million in insured losses from a direct hit on parts of the Caribbean, EQECAT now puts Irene’s total damage so far in a range of $500 million to $1 billion.
Strong winds and rain are expected to continue causing damage to Virginia and states further north.
The eye of Hurricane Irene traversed eastern North Carolina as a Category 1 hurricane (maximum winds of 85 mph) and then moved back over the Atlantic Ocean, headed north-northeast.
Rainfall accumulations in North Carolina and Virginia have reached 20 inches in some places, more than forecasted. Widespread river flooding is not expected, however.
As Irene headed towards Long Island, New York, it was expected to weaken to tropical storm strength. A tropical storm in the region has the potential to cause significant damage and loss to people and property, exacerbated by heavy rainfall and traffic and electrical disruption from debris, according to Eqecat.
Another catastrophe modeler, AIR Worldwide Inc., earlier estimated Hurricane Irene’s damages in the Caribbeanalone at $1.1 billion, higher than Eqecat.
Firms are expected to update their estimates and provide additional updates for other states on Monday.
Topics Catastrophe Natural Disasters Profit Loss Virginia North Carolina Hurricane
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