5 September 2019Insurance

KCC puts Bahamas’ losses from hurricane Dorian at $7 billion; Abaco and Grand Bahama worst hit

As hurricane Dorian, now downgraded to a category 3 from category 5, looms over the south east coast of the US, the National Hurricane Center has warned of a “life threatening storm surge, heavy rainfall and tornadoes” affecting the Carolinas.

In the past few days, Dorian has battered the Bahamas with sustained wind speeds of 185 mph, which are the most intense wind speeds over land and for the longest duration recorded. The islands also saw serious storm surge flooding as water reached heights of over 20 feet.

Karen Clark & Company estimated total losses (insured and uninsured) for the Bahamas are $7 billion, with most of the damage affecting Abaco and Grand Bahama.

KCC said that the hurricane’s track was not the worst-case scenario, as New Providence, the most populated island and home to the capital Nassau, was spared the worst of its wind speeds and storm surge. But despite this the island still witnessed widespread street flooding and property damage.

KCC said Dorian had joined a very select group of the most intense hurricanes ever recorded when it reached a peak sustained wind speed of 185 mph. “Only four other North Atlantic storms in the historical record have attained this wind speed - Labor Day (1935), Allen (1980), Gilbert (1988) and Wilma (2005), but only the Labor Day Hurricane impacted land with wind speeds of 185 mph.”

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More on this story

12 September 2019   Catastrophe modelling firm Karen Clark & Company (KCC) has estimated that the total insured loss from Hurricane Dorian in the US and Caribbean will be close to $5 billion.
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