Claims News Service, Sept. 28, 3:32 p.m. EDT — EQECAT, a risk-modeling firm, stated in a press release that, based upon current post-landfall information provided by the National Hurricane Center about Hurricane Rita, estimated insured losses from wind damage could range from $3 billion to $6 billion.
The reduction in insured loss value from EQECAT's pre-landfall preliminary estimate, reflects a weakening of storm intensity relative to earlier forecasts, and that the storm path was east of forecasts, affecting an area with a lower density of values at risk.
The EQECAT estimate is based upon landfall just east of the Texas/Louisiana border, with maximum sustained winds of 120 mph.
Hurricanes often make dramatic and unexpected changes in direction and intensity. Loss projections reflect these changing characteristics.
Earlier this week EQECAT estimated insured losses from Hurricane Rita in the Florida Keys at between about $300 million and $800 million.
More information is available at www.EQECAT.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.