Losses From Hurricane Florence Could Represent Up to 5 Billion Dollars

Losses from hurricane Florence could represent up to 5 billion dollars. Despite the high losses caused by Florence, due to the latest changes in the structure of the storm and the decrease in wind speed, estimates of insured losses have been lowered compared to the initial ones.

Losses From Hurricane Florence
The economic consequences could be between 2,500 and 5,000 million dollars.

The economic consequences caused by the devastating hurricane Florence, which in its wake left houses destroyed, floods and deaths, could be between 2,500 and 5,000 million dollars, according to data revealed today.

The Willis Towers Watson company, specializing in global consulting and brokerage, which continues to analyze Florence, warned today that the effects, because of its proximity to large population areas in North Carolina and South Carolina, could be a threat to people, the community and companies.

Despite the high losses caused by Florence , the company’s deputy general manager, Juan Carlos Tárraga, also noted that “due to the latest changes in the structure of the storm and as a result of the decrease in wind speed, they have been lowered the estimates of insured losses compared to the initial ones “.

He explained that the decrease in wind speed means that the greatest damage is caused by the heavy floods that, a priori, should cause less destruction than the wind, although both causes have an opening within the scheme of catastrophic risks in a contract of insurance.

However, according to Tárraga, “companies, especially those with greater exposure to catastrophes, must begin the process of renewing their insurance in advance, ensuring that the information they offer is complete, current, accurate.”

 

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