"Analysts estimate the category 3 storm has already racked up a preliminary cost of $9.36bn, straining the insurance industry".
"Hurricane Idalia could become the costliest climate disaster to hit the US this year, analysts say, with massive implications for the insurance and risk management industries.
The category 3 storm that barreled into Florida’s west coast from the Gulf of Mexico on Wednesday, then carved a path of destruction and flooding through Georgia and the Carolinas, has a preliminary price tag between $9.36bn, based on early estimates, from risk analysts at UBS, and $18bn-$20bn calculated by AccuWeather.
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It follows 15 previous “individual weather and climate disasters” recorded in the US already this year by the National Oceanic and Atmospheric Administration (Noaa) as unprecedented heat, wildfires, storms and floods escalate."
Richard Luscombe reports for the Guardian August 31, 2023.
SEE ALSO:
"Climate Change Raising Risks Of Financial Disaster For Homeowners, Insurers And Bankers" (The Hill)
"Biden Says He’ll Travel To Florida Saturday To View Hurricane Idalia’s Aftermath" (McClatchy)
"Florida's Storm-Struck Gulf Coast Takes Stock As Idalia Soaks Carolinas" (Reuters)
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