Hurricane Nate insured losses close to $0.5bn

Insured losses in the US from Hurricane Nate will be close to $500 million, according to catastrophe modelling firm Karen Clark & Company.

Hurricane Nate came ashore near the mouth of the Mississippi River on Saturday, October 7, according to the National Hurricane Center (NHC). Nate is the fourth hurricane to make landfall in the US in the past two months.

Karen Clark’s loss estimates include insured wind and storm surge losses to residential, commercial, and industrial properties and autos. Nate caused extensive flooding in Nicaragua and Costa Rica, according to the statement.