Karen Clark & Company (KCC) has estimated that insurance industry losses from Hurricane Hanna, the first hurricane of the 2020 North Atlantic hurricane season, will near $350 million.

Catastrophe risk modeller KCC notes that its estimate includes privately insured wind and storm surge damage to residential, commercial, and industrial properties and automobiles, but excludes NFIP losses.

After forming as a tropical storm on July 23rd over the Gulf of Mexico, Hanna tracked northwestward as it neared the Texas coast over the following days.

Hanna made landfall as a Category 1 storm, with 90mph maximum sustained winds on Padre Island, Texas on July 25th.

A combination of warm sea surface temperatures and a low wind shear environment enabled the storm to reach hurricane strength, making it the fourth U.S. landfalling storm of an already active 2020 North Atlantic hurricane season.