Fabian Loss Estimate Up To $350M
Monday, September 8th, 2003 Catastrophe PropertyHurricane Fabian--the most powerful hurricane to hit Bermuda in more than 50 years--could cause insurable losses of up to $350 million, according to one industry estimate. “The damage reports are just coming in, and at this point, insurable losses are expected in the 300-to-350 million dollar range,” said Atul Khanduri, manager of engineering at AIR Worldwide, a catastrophe and weather risk modeling unit of Insurance Services Office in Jersey City, N.J. The hurricane, a Category-3 system with winds of more than 120 miles per hour, passed over the mid-Atlantic British colony last Friday, Sept. 5, causing significant property damage in its path. The hurricane‘s severe winds felled trees and power lines, and four people are missing and presumed dead. After hitting Bermuda last Friday, Fabian has moved north over the weekend, no longer posing any threat to land. The last
