First named storm of 2018 hurricane season causes $50m insured loss

The insured loss in the US from  Subtropical Storm Alberto will be close to $50 million, according to Karen Clark & Company (KCC) estimates.

Storm Alberto is the first named storm of the 2018 hurricane season and made landfall near Panama City, Florida on Monday, May 28 with sustained winds of 45 mph.

Modelled estimates include insured losses to residential, commercial, and industrial properties and autos.

Subtropical storm Alberto formed over the western Caribbean on May 25 and tracked northeastward near western Cuba. Alberto was anticipated to transition to a tropical storm or hurricane as it progressed over the Caribbean Sea.

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