Hurricane Earl already caused an estimated $50-$150 million in damages
AIR Worldwide is estimating that insured losses from Hurricane Earl’s passage near the northern Leeward Islands earlier this week are between USD$50 million and USD$150 million. The estimate includes wind damage to insured onshore properties in the Virgin Islands, St. Maarten, St. Martin and Puerto Rico. Nearly half of the total is attributed to St. Maarten where high winds downed trees and power lines, and peeled off roofs and signage.
Risk Modeler EQECAT says that the expected track and intensity of Earl produce insured loss estimates of less than $100 million for the event, with the expected maximum onshore winds being category 1 or lower. The trajectory of Earl adds significant uncertainty in projecting potential losses, with nearer approaches to the US Mainland capable of producing larger losses. The forecasted tracks for Earl have trended to the west over the last several days. If this pattern continues and the eye of the storm passes much closer to the mainland, Earl could cause significantly more losses on shore. An evaluation of category 2 and 3 storms with tracks approximately 100 miles to the west of the current “best track” highlights the potential for Earl to cause losses approaching $0.5 billion.
