Hurricane Sally Projected to Cost Insurers as Much as $3 Billion
Hurricane Sally Projected to Cost Insurers as Much as $3 Billion
(Bloomberg) -- Hurricane Sally, which hit Florida and Alabama earlier this month with heavy rainfall and winds, is expected to cost insurers $1 billion to $3 billion, according to AIR Worldwide.
Wind damage accounted for the majority of the losses, the risk-modeling company said in a statement Monday. The estimates include losses to residential, commercial and industrial properties, as well as vehicle damage.
Hurricane Sally added to the slate of storms and other natural disasters, including wildfires, that have hit the U.S. this year. The insurance industry has been tallying the losses from the coronavirus pandemic, as well as other storms such as Hurricane Laura, which is expected to cost the companies $4 billion to $8 billion, according to AIR Worldwide, part of Verisk Analytics Inc.
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