Hurricane Matthew losses 50% covered by insurance
Friday, 11 11 2016, Category: Nature, Country: United States
Despite the fact hurricane Matthew impacted the U.S. coastline, as the first major hurricane to do so in a number of years, the economic loss of around $10 billion is only anticipated to result in around $5 billion of loss to insurance and reinsurance markets.
Aon Benfield’s risk analytics and modelling unit Impact Forecasting expects that while total U.S. economic losses from Matthew could reach as high as $10 billion, the public and private insurance loss is estimated to only reach around $5 billion.
One reason for this is that much of the inland flood loss in North Carolina will have been uninsured, due to the low take-up rate of the U.S. government’s National Flood Insurance Program (NFIP).