Damage from Irene estimated to reach over US$1 billion

A major catastrophe risk-modeler in the United States says that insurers may face as much as US$1.1 billion in losses in the Caribbean from the passage of Hurricane Irene.



The Boston-based AIR Worldwide says insured losses in the Caribbean from the category Two storm could be between US$500 million and US$1.1 billion, with the Bahamas accounting for more than 60 per cent of the insured losses – between US$300 million and US$700 million.



Scott Stransky, a scientist at AIR Worldwide says the estimate includes wind and precipitation-induced flood damage to insured onshore residential, commercial and industrial properties and their contents.



Hurricane Irene is now lashing the United States coast after causing widespread damage in The Bahamas on Thursday.