MEX - KCC Estimates Insured Loss From Hurricane Grace: $300M in Mexico, $30M in Caribbean
Catastrophe modeling firm the Karen Clark & Company (KCC) estimates that the insured loss to onshore properties from Hurricane Grace will be around $330 million—$300 million in Mexico and $30 million in the Caribbean.
The estimate is based on the high-resolution KCC Caribbean and Mexico Hurricane Reference Models and includes the privately insured damage to residential, commercial, and industrial properties.
KCC said the majority of impacts in the Caribbean resulted from low wind speeds and most are expected to be relatively minor, while In the Yucatan Peninsula, the majority of damage resulted from downed trees. Central Mexico experienced more significant damage, including structural damage to coastal structures, from Category 3 wind speeds.
In the Caribbean, Grace made landfall in Guadeloupe and Montserrat on August 14 with 40 mph maximum sustained winds, Haiti and the Dominican Republic on August 16 with 35 mph maximum sustained winds, and Jamaica on August 17 with 50 mph maximum sustained winds, according to the KCC report.