Risk Modeler RMS: Hurricane Florence’s Insured Losses May Reach $5 Billion

Hurricane Florence caused between $2.8 billion and $5 billion in insured losses when it blew into North Carolina earlier this month, according to an estimate from global risk modeling firm RMS. Wind alone caused damage worth between $1.3 billion and $2.6 billion, with storm-surge and inland flooding damages totaling between $700 million and $1.2 billion. The company’s Monday estimates also include losses to the National Flood Insurance Program, which is expected to lose between $800 million and $1.2 billion. These estimations include property damage and business interruption in residential, commercial, industrial and automobile businesses.