Catastrophe risk modelling firm RMS has estimated that the private insurance and reinsurance market loss from recent hurricane Nicole will fall below $2 billion, with its best estimate being for a $1.6 billion industry loss.

RMS’s industry loss estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding.

Hurricane Nicole was the fourteenth-named tropical storm of the 2022 North Atlantic hurricane season, the eighth hurricane, and the second hurricane to make U.S. landfall.

Nicole made landfall in Florida on November 10th 2022, near Vero Beach, as a Category 1 hurricane, bringing a combination of strong winds, storm surge, and heavy rainfall to coastal and inland areas of Florida, including some affected by hurricane Ian.

Privately insured wind and storm surge losses are seen as falling between $1.2 billion and $1.8 billion from hurricane Nicole, RMS said, with less than another $100 million from privately insured inland flood claims.