Hurricane Irma’s Insured Damage Could Match Katrina, Halt P&C Rate Declines

Irma’s insured damage in Florida could be the largest ever in the US, perhaps equivalent to Hurricane Katrina in 2005 which recorded $50 billion on an inflation-adjusted basis, Barclays analyst Jay Gelb said in a Sept. 5 equity research analyst note.Hurricane Irma has strengthened to a category 5 storm with maximum wind speed of 175 mph. This potentially devastating hurricane could directly impact southern Florida early next week. The chance of direct impacts from Irma from wind, storm surge, and rainfall continues to increase in the Florida Keys and portions of the Florida Peninsula, the US National Hurricane Center said on Sept. 6.