KCC estimates Isaias insured losses at $3 billion

By Scott Vincent Oct 15 (The Insurer) — Karen Clark & Company (KCC) has estimated private market insured losses from Hurricane Isaias will total $3 billion, the modelling company said on Thursday. KCC said its estimate includes residential, commercial and industrial property damage, as well as business interruption and automobiles. The figure excludes losses to boats, offshore properties and claims made through the National Flood Insurance Program. The estimate is above the $1 billion to $2 billion range published by Verisk’s modelling unit earlier this week. Cotality had previously published a $2 billion to $3 billion estimate for insured losses from the event. In its commentary, KCC said the most severe impacts from the storm were concentrated in the cities and towns of the Florida Panhandle, including Destin, Pensacola Beach and Navarre. Major damage has also been observed in towns around Pensacola Bay, such as Milton and Pace, the modelling firm said.