USA - Hurricane Zeta's Insured Property Loss Put at $4.4bn by KCC
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties caused by Hurricane Zeta will be close to $4.4 billion.
This figure includes $4.3 billion of wind and storm surge losses in the US and $80 million of wind losses in Mexico.
KCC explained that its estimate includes the privately insured wind and storm surge damage to residential, commercial, and industrial properties and automobiles, but not NFIP losses or losses to offshore assets.
Hurricane Zeta made two landfalls, first in Mexico’s Yucatan Peninsula as a Category 1 storm on October 24th, and again in the US as a Category 2 storm on October 28th.
It was the fifth named storm and the third hurricane to make landfall in Louisiana this season, with 2020 now tied with 1985 for the year with the most landfalling hurricanes.
This is also only the second time that meteorologists have had to pull names from the Greek alphabet, having exhausted the conventional names this year and in 2005.
Zeta hit the Yucatan Peninsula with maximum sustained wind speeds of 80 mph, bringing wind, heavy rains and storm surge flooding to Cancun and other resort towns along the Peninsula. However, analysts at KCC believe that the area largely managed to avoid significant damage.