Insurers and reinsurers’ losses from Hurricane Debby are expected to be in the low single-digit billions of dollars, a figure that would be “very manageable” for the industry, according to a report from Gallagher Re.
Wind and water-related losses could cost insurers between $1 billion and $2 billion. Fewer active insurance policies were partly why the losses would be so low, the reinsurance broker’s report said.
The findings could reassure those worried about the hit to the industry which has been liable for billions of dollars in claims due to weather-related disasters over the past few years.
Increasingly frequent storms and wildfires have also prompted some players to retreat from geographies prone to extreme weather events.
Debby made landfall on Thursday for a second time this week, in South Carolina, days after slamming into Florida as a Category 1 hurricane. It has left at least seven people dead.
It was downgraded to a tropical depression on Aug. 8.
Gallagher warned its estimates for the insured losses were preliminary and subject to change.
Photo: (AP Photo/NOAA)
Topics Catastrophe Natural Disasters Profit Loss Hurricane A.J. Gallagher
Was this article valuable?
Here are more articles you may enjoy.
Picasso Etching Stolen From Wisconsin Art Gallery Found in Vacant Apartment 
Four Patients Affected, One Paralyzed, After Drug Mix-up at Nashville Hospital 
Seven People Charged in $100M Workers’ Compensation Fraud Operation in Florida 
Lawsuit Alleges TWIA Fraudulently Reduced Claim Estimates From Hurricane Beryl 
