Verisk estimates Isaias insured losses at $1 billion to $2 billion

By Scott Vincent Oct 13 (The Insurer) — Verisk’s Catastrophe and Risk Solutions unit has estimated insured losses to onshore property from Hurricane Isaias will total between $1 billion and $2 billion. Verisk said on Tuesday that the estimate includes losses from wind and privately insured storm surge resulting from Isaias' landfall in the Florida Panhandle. Wind is expected to account for the vast majority of insured losses, the modelling firm said. The estimate is below the $2 billion to $3 billion estimate range issued by Cotality on Monday. Isaias made landfall last Friday as a Category 2 hurricane, coming ashore close to the city of Destin in Florida's panhandle region. Richard Folkman, vice president for catastrophe operations and flood and carrier practice leader for Crawford & Company, said early reports indicate a mix of residential, commercial and public infrastructure damage. "Residential properties have experienced roof damage and tree impacts, while commercial structures have reported roof and exterior building damage. Localised damage has also been reported to hospitality properties, marine-related structures and commercial facilities," he said. Folkman said the damag