US Irma damage expected to reach $18 billion in the US

05:23  14 september  2017
05:23  14 september  2017 Source:   Miami Herald

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Mike Gilbert’s father has a unit in the building, which collapsed during the storm surge. AL DIAZ adiaz@miamiherald.com. Hurricane. Irma damages expected to reach $ 18 billion in the U . S . By Jenny Staletovich.

TWO nuclear plants in Florida will close as the US braces for impact and Irma ’s death toll reaches 18 people. • Damage is estimated to cost in the hundreds of billions to repair. • French Interior Minister Gerard Collomb said nine were killed in St Martin and St Barts.

Damaged boats in Key West after Hurricane Irma hit the Florida Keys, on Wednesday, Sept. 13, 2017.© (Mike Stocker/Sun-Sentinel/TNS) Damaged boats in Key West after Hurricane Irma hit the Florida Keys, on Wednesday, Sept. 13, 2017. MIAMI—Insured losses from Hurricane Irma could total $18 billion in the U.S., far less than anticipated when the storm was barreling toward Florida's east coast as a Category 4 monster but still among the nation's worst.

Karen Clark and Co., a Boston-based company that analyzes risk, estimated total losses, including the Caribbean, at $25 billion. Florida accounts for most of the $18 billion in the U.S., followed by Georgia, South Carolina and Alabama. The estimate covers damage to buildings and their contents, other insured structures, and vehicles and the disruption to business. It does not include crop losses or losses covered by the nation's flood insurance program, Clark said.

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Barclays: Irma Damage Could Hit 0 Billion . Across the Caribbean the cost of damage could easily reach billion to billion , Watson said. Why We Expect More Havoc From Hurricanes Like Harvey: Click here.

Irma is expected to hit the Florida Keys Sunday morning and then Tampa. By Saturday, damage estimates from Irma reached the 1.2 billion euro (.44 billion ) mark — pockmarking the islands that have become famous as lush playgrounds for the rich and Follow us on twitter. @lex 18 news.

The estimate also does not cover the total cost of the storm, which can be a trickier number to calculate, she said.

"It would include infrastructure: damage to roads, beach erosion, cleanup efforts. All these other things that go into total economic loss, which are squishier numbers. I don't know of any organization that tallies that."

At that amount, Irma falls just outside the top 10 list and above the $15.4 billion Clark estimated for Harvey's losses. The 1926 Miami hurricane still ranks as the worst in the U.S., according to Clark's tally, with losses in today's dollars totaling $150 billion. That's followed by the 1928 hurricane that struck Lake Okeechobee at $77 billion, the 1900 hurricane in Galveston at $60 billion and 2005's Katrina, which generated $59 billion in insured losses, she said.

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Furthermore, these 20 reinsurers have generated about $ 18 billion in reported net income in 2016. Based on Irma 's current path and wind speed projections, we expect the covered losses related to the aggregate However, considering that the bulk of losses are expected to be driven by wind damage

CoreLogic said 8.5 million properties in Florida may be damaged by Irma ’s winds. Total losses from Katrina reached 0 billion in 2017 dollars after it slammed into New Orleans in 2005. Why We Expect More Havoc From Hurricanes Like Harvey: QuickTake.

Irma became the second Category 4 storm to strike the U.S. in less than a month when it made landfall Sunday morning on Cudjoe Key and the first Cat 4 in Florida since 2004's Charley. Irma will also go down as one of the Atlantic's strongest hurricanes on record, with peak winds of 185 mph lasting 37 hours.

After South Florida was forecast as a potential target for a Cat 4 Irma, Clark told clients that losses could rise as high as $150 billion.

"That is the worst location for a major storm," she said. "A strong Cat 4 on that track? Yes, it would be over $150 billion."

After Irma began to weaken, potential losses dropped significantly. Irma also turned out to be a much dryer storm than the worst case scenarios forecasters warned about, with severe storm surge in Tampa and St. Petersburg never materializing. In wet storms like Katrina and Harvey, flood losses, which are usually not insured, can be much higher.

Irma delivered her worst blow to the Keys, which the storm struck with 130 mph sustained winds. Most of that was limited to mobile homes, roofs and windows, light structures and signs, Clark said. Outside the Keys, damage was mostly caused by falling trees. Once the storm crossed into the Gulf, it weakened considerably as it ran up the coast, although homes in Everglades City were hit hard.

The storm also triggered surprisingly severe coastal flooding farther north in Jacksonville and Charleston, where Irma's surge coincided with high tide and heavy rain. In Jacksonville, the St. Johns River rose to almost six feet, and rain totals reached 11 inches.

Trump to visit Florida Thursday to survey Irma damage .
President Trump will travel to Florida on Thursday to survey the damage caused by Hurricane Irma, White House press secretary Sarah Huckabee Sanders announced Tuesday.Sanders did not offer other details about the t rip, including where exactly the president will travel in the state. First Lady Melania Trump is expected to join the president on the visit. The Federal Aviation Administration posted a travel advisoryTuesday that covers Fort Myers, located on Florida's West Coast. The VIP Movement notification is typically issued before the president travels to a destination in the U.S.

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