Idalia has weakened to a tropical storm as it moves into South Carolina and North Carolina on Thursday, after making landfall in Florida as a major hurricane on Wednesday.
Read this Preliminary estimates before Idalia made landfall implied average insured losses of around $9.4 billion, according to analysts at UBS, citing preliminary estimates from RMS, a catastrophe risk modeling firm under Moody’s. It said that should be largely contained within the insurance sector’s expected catastrophe losses for the quarter.
Idalia made landfall at a much more sparsely populated region than Hurricane Ian last year, which suggests there will be significantly lower losses than the $112 billion in damage caused by that storm.
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