Update: Insurance Price Tag from Hurricane Zeta Estimated at $4.3B in U.S.

November 2, 2020

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.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Anil D’Silva)

Photograph: This GOES-16 GeoColor satellite image, taken on Wednesday, Oct. 28, 2020, at 1 p.m. EDT, and provided by NOAA, shows Hurricane Zeta in the Gulf of Mexico nearing Louisiana. Photo credit: NOAA via AP.

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