Commodities and Futures News

Damage from Hurricane Beryl may cost insurers $2.7 billion in US, KCC says

2024.07.11 09:19

(Reuters) – Insurers in the United States may take a hit of about $2.7 billion from damage caused by Hurricane Beryl, catastrophe modeling company Karen Clark & Co (KCC) said on Thursday.

About 1.5 million customers remained without power in Texas on Wednesday, two days after Beryl raked the state as progress to restore electricity was slow, hampering efforts to quickly restart critical oil infrastructure.

The storm made landfall as a Category 1 hurricane on Monday near the coastal town of Matagorda, about 100 miles (160 km) from Houston, lashing Texas with heavy winds that knocked down power lines and damaged property.

The U.S. estimate includes the privately insured damage to residential, commercial, and industrial properties and automobiles, as well as business interruption, KCC said in a report.

It does not include boats, offshore properties, or National Flood Insurance Program losses.

KCC also said privately insured losses would be close to $510 million in the Caribbean and $90 million in Mexico.

© Reuters. FILE PHOTO: A drone view shows flood waters surrounding homes in the aftermath of Hurricane Beryl in Surfside Beach, Texas, U.S., July 8, 2024.  REUTERS/Adrees Latif/File Photo

The path of Hurricane Beryl stretches from the Windward Islands in the Caribbean to the Texas Gulf Coast.

Reinsurance broker Gallagher Re estimated that U.S. economic losses from Beryl would be at least $1 billion. Weather forecasting firm AccuWeather issued a preliminary estimate of $28 billion to $32 billion in damage and economic loss.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 97,681.17 0.95%
ethereum
Ethereum (ETH) $ 3,365.50 0.15%
tether
Tether (USDT) $ 1.00 0.09%
solana
Solana (SOL) $ 250.37 2.48%
bnb
BNB (BNB) $ 657.68 1.09%
xrp
XRP (XRP) $ 1.40 9.41%
dogecoin
Dogecoin (DOGE) $ 0.420655 10.36%
usd-coin
USDC (USDC) $ 1.00 0.07%
cardano
Cardano (ADA) $ 1.03 4.92%
staked-ether
Lido Staked Ether (STETH) $ 3,368.76 0.35%
tron
TRON (TRX) $ 0.209572 3.18%
stellar
Stellar (XLM) $ 0.555057 26.03%
avalanche-2
Avalanche (AVAX) $ 40.75 4.05%
the-open-network
Toncoin (TON) $ 6.12 7.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 5.46%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,987.47 0.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,439.11 1.01%
polkadot
Polkadot (DOT) $ 8.68 10.74%
chainlink
Chainlink (LINK) $ 16.95 0.42%
bitcoin-cash
Bitcoin Cash (BCH) $ 505.60 4.88%
weth
WETH (WETH) $ 3,362.28 0.09%
sui
Sui (SUI) $ 3.37 5.34%
pepe
Pepe (PEPE) $ 0.00002 6.44%
leo-token
LEO Token (LEO) $ 8.72 1.68%
near
NEAR Protocol (NEAR) $ 6.36 1.71%
litecoin
Litecoin (LTC) $ 97.27 5.54%
aptos
Aptos (APT) $ 12.18 3.12%
uniswap
Uniswap (UNI) $ 10.83 2.98%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,540.63 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.148183 1.27%
internet-computer
Internet Computer (ICP) $ 11.13 0.39%
usds
USDS (USDS) $ 1.01 0.62%
crypto-com-chain
Cronos (CRO) $ 0.191 0.48%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.553854 2.26%
ethereum-classic
Ethereum Classic (ETC) $ 28.70 3.02%
render-token
Render (RENDER) $ 7.77 0.24%
bittensor
Bittensor (TAO) $ 522.13 0.19%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.06%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 10.02%
kaspa
Kaspa (KAS) $ 0.149828 4.98%
whitebit
WhiteBIT Coin (WBT) $ 24.57 0.22%
dai
Dai (DAI) $ 1.00 0.08%
arbitrum
Arbitrum (ARB) $ 0.850128 2.71%
cosmos
Cosmos Hub (ATOM) $ 8.88 13.18%
vechain
VeChain (VET) $ 0.042092 3.26%
bonk
Bonk (BONK) $ 0.000045 11.08%
filecoin
Filecoin (FIL) $ 5.62 8.68%
mantra-dao
MANTRA (OM) $ 3.69 5.63%
okb
OKB (OKB) $ 53.52 4.65%
dogwifcoin
dogwifhat (WIF) $ 3.18 6.48%