View of a damaged property after the arrival of Hurricane Idalia in Horseshoe Beach, Florida, U.S., August 31, 2023.
REUTERS/Julio Cesar Chavez/File Photo Acquire Licensing RightsSept 4 (Reuters) - Private market insured losses are expected to be between $3 billion and $5 billion due to Hurricane Idalia which struck the Big Bend region of Florida last week, the catastrophe risk modeling business of Moody's said in a report on Monday.
The estimates represented insured losses associated with wind, storm surge, and precipitation-induced flooding caused due to the hurricane.
"Major Hurricane Idalia could have been much more impactful had the storm taken a different track or not weakened just before landfall," said Jeff Waters of Moody's RMS said.
The report also said it expects around $500 million in losses to the National Flood Insurance Program (NFIP) due to the hurricane.
Persons:
Julio Cesar Chavez, Moody's, Idalia, Jeff Waters, Shivansh, Ed Osmond
Organizations:
REUTERS, National Flood Insurance, Thomson
Locations:
Horseshoe Beach , Florida, U.S, Bend, Florida, Coast, Georgia, Bengaluru