10 November 2016 Insurance

Hurricane Matthew economic impact totals $15bn

The total impact to US and Caribbean economies as a result of Hurricane Matthew is $15 billion, according to a catastrophe report from Aon.

The total economic losses in the US were forecast to range as high as $10 billion, while public and private insurance losses were estimated to possibly reach $5 billion.

In North Carolina, much of the inland flood loss was uninsured due to low take-up of the US government’s National Flood Insurance Program (NFIP).

Outside of the US, the economic damage from Matthew was more than $5 billion, with Cuba ($2.6 billion), Haiti ($1.9 billion), and the Bahamas ($600 million) accounting for most of the loss total.

Remaining moisture from Matthew brought flooding rain and high winds to parts of Atlantic Canada, where economic damages were expected to reach tens of millions of dollars.

Steve Bowen, director and meteorologist at Impact Forecasting, said: “The extensive footprint of Hurricane Matthew left considerable damage and humanitarian impacts from the Caribbean to Canada.

“The system also became the costliest hurricane in the United States since Sandy in 2012. Despite causing billions of dollars in damage, it could have been even more catastrophic. Had several slight wobbles not occurred, we are likely having an entirely different conversation when it comes to the financial impact in the state of Florida.”

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