Today’s breaking news is The Impact of Two Hurricanes in Florida Increased Nicole Losses. According to risk modelling company RMS, insured losses from Hurricane Nicole, which made landfall in Florida earlier this month, may reach up to $US2 billion ($3 billion), as consequences are worsened by the destruction brought on recently by the more severe Hurricane Ian.
The top category In many locations affected by Hurricane Ian, Hurricane Nicole, which made landfall on November 10, delivered strong winds and heavy rain, increasing the effects of labour, material, and claims adjusters scarcity. This phenomenon is known as post-event loss amplification (PLA).
“Historically, if a hurricane of Nicole’s size were to occur alone, it wouldn’t have appreciable PLA effects. However, because Hurricane Ian immediately preceded it, the same issues affecting PLA from Ian also apply to Nicole, according to Sarah Hartley, incident response manager.
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Losses covered by the National Flood Insurance Program are estimated to be up to $US300 million ($449 million), while losses from wind, storm surge, and rain-induced flooding are expected to total $US1.3-$1.9 billion ($1.9-2.8 billion) in private insurance losses, with the best estimate of $US1.6 billion ($2.4 billion).
Even though Nicole had a much larger wind field than Ian, despite Nicole being much less intense than Ian, RMS event response teams estimate that approximately 98% of the Florida postal codes affected by the event were also affected by Ian, according to Jeff Waters, Staff Product Manager, North Atlantic Hurricane Models.
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The overlapping nature of Hurricanes Ian and Nicole, he said, would lead to “serious uncertainty” in assigning losses and settling claims. The eighth hurricane and second to hit the US, Hurricane Nicole was the fourteenth named storm in the North Atlantic hurricane season.
On September 28, one of the strongest storms to ever make landfall in the US, Ian, passed over the western Florida coast. Early in October, RMS stated that the range of privately insured losses might be between $US53 and $US74 billion ($79 and 111 billion), with the best estimate of $US67 billion ($100 billion). On November 30, the Atlantic hurricane season will have officially ended.
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