Charley's Loss Estimate Revised To $5B
Monday, August 16th, 2004 Catastrophe PropertyIt may be small comfort to the beleaguered Floridians who are trying to pick up their lives after Charley's deadly passage Friday afternoon (See lead article), but the violent storm actually caused less damage than had been feared. California-based Risk Management Solutions, a leading provider of products and services for the management of catastrophe risk, said it had "revised its loss estimate for Hurricane Charley to reflect a decrease in the storm's breadth and intensity after landfall on Friday. "Updated analyses of the storm's structure indicate that the hurricane's windfield was more compact than expected and that the storm's intensity decreased more rapidly than forecast. Based on these changes, RMS has revised its previous estimate of $10 to 15 billion [see previous article]; losses are now expected to be near $5 billion."
