AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between USD 1 Billion and USD 3 Billion
Boston, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range from USD 1 billion to USD 3 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
Hurricane Delta made landfall on October 9 around 6 p.m. CDT near Creole, Louisiana, as a Category 2 storm with sustained wind speeds of 100 mph and a central pressure of 970 mb. Delta brought strong winds and storm surge to coastal communities, mainly in southwestern and south-central Louisiana. The southwestern corner of Louisiana was also hit with heavy rainfall, up to 17 inches in some places.
It is important to note that two hurricanes impacting the same area within a short period of time is not a new phenomenon; in 2004 Hurricane Frances and Hurricane Jeanne both impacted virtually the same place on the east coast of Florida within six weeks of each other. There were reports of loss amplification at the time, particularly in Florida; given these back-to-back events, the same cannot be ruled out in Louisiana, despite the fact that they are different events and fall under different insurance conditions.
Large surge occurred far east of Delta’s Creole, Louisiana, landfall because of the storm core’s elliptical shape, featuring a huge eye elongated in the east-west direction. Compared to Laura, the maximum surge elevation of Delta was lower, except in southern-central Louisiana from Freshwater Canal Locks eastward to Morgan City, including Vermillion Bay and nearby bays, where surge inundation was most impactful. The parishes more heavily impacted by Delta were farther east than those more heavily impacted by Laura.
According to AIR, the storm flooded and blew tarps off homes and businesses already damaged by Laura and blew shingles off roofs that had not been impacted by the previous storm in the vicinity of landfall, the coastal area of Cameron Parish, and to the northwest, including Lake Charles. The storm also blew shingles off roofs in these areas that had not been impacted by Laura, including Lafayette and environs.
Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and
automobiles for their building, contents, and time element coverage.
About AIR Worldwide
For more information, contact: Kevin Long AIR Worldwide +1-617-267-6645 email@example.com