NEW LAURA LOSS ESTIMATES RANGE UP TO $12BN

Catastrophe modelers have provided new loss estimates for Laura that range from $4bn to $12bn. AIR Worldwide said insured losses to onshore property from Laura’s winds and storm surge will range from $4bn to $8bn. Despite Laura’s major hurricane status at landfall, insured losses will not be as high as anticipated because the storm tracked through relatively lower populated areas between Houston and New Orleans and was a relatively small storm, AIR noted. Karen Clark & Co said insured damages from Laura’s wind and storm surge will be close to $9bn, with $8.7bn in the US and $200m in the Caribbean. KCC said Laura’s highest winds were tightly wound around the storm’s eye, resulting in a narrow swath of extensive damage. Analytics firm CoreLogic said insured losses from wind and storm surge will range from $8bn to $12bn, with storm surge accounting for only $500m of the total. The firm said the bulk of the losses stem from properties in Louisiana, with losses in Texas less than $500m.