Hurricane Florence Causes Estimated $2.5 Billion in Insured Losses

(Bloomberg) -- Hurricane Florence, which made landfall in North Carolina Friday as a Category 1 storm, is estimated to have caused insured losses totaling $2.5 billion, according to catastrophe modeler Karen Clark & Co.

That figure includes privately insured wind, storm surge and inland flooding damage, while excluding losses covered under the federal government’s National Flood Insurance Program, the Boston-based company said in its advisory.

By Monday, the deadly storm had caused record floods with water levels expected to continue rising. Rains and tornado warnings continue to bedevil both Carolinas as the storm moves northeast, while many rivers are still days from cresting. At least 17 people were killed in the storm, according to the Associated Press, and almost a half-million homes and businesses are without power.

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