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RMS: Matthew Losses Could Be $5 Billion

Hurricane Matthew caused $1.5 billion to $5 billion in insured losses
October 26, 2016

Risk Management Solutions (RMS) estimates that Hurricane Matthew caused $1.5 billion to $5 billion in insured losses, with losses in the Caribbean expected to be between $1 billion and $3 billion of that total. Matthew is now the costliest hurricane since 2012, when Superstorm Sandy occurred. Almost all of the Caribbean loss would be in the Bahamas, said RMS, though Florida could account for between $500 million and $2 billion of the U.S. insured losses. Georgia, South Carolina, North Carolina might account for another $1 billion to $3 billion in insured losses.

About 70 percent of U.S. losses will be in residential property lines, with storm surge-driven coastal flooding accounting for about 30 percent. The RMS estimate does not include losses tied to the National Flood Insurance Program (NFIP) or to public buildings and infrastructure.

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