Insured Losses May Not Be As Bad As Predicted From Matthew

Early industry estimates had suggested that Hurricane Matthew insurance losses may be the second highest the country has ever seen. This storm represented the first direct hit the United States has experienced from a hurricane in over ten years. It is still too early to know the total cost of the damage it caused. Estimates had said it could be as high as $25 billion to $30 billion. That said, as the first full day of the storm avoided the storm surges that would have led to the highest amount of damage in Florida, Georgia and the Carolinas, estimates have slipped from that early worst case scenario. While the Hurricane Matthew insurance losses have yet to be tallied, it is unlikely that they will approach the $30 billion mark.