U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.8 billion for insured property losses from Hurricane Charley, according to preliminary estimates by ISO‘s Property Claim Services (PCS) unit.
Hurricane Charley, a Category 4 hurricane, smashed through southwest and central Florida on Aug. 13, leaving a swath of destruction in its wake with winds reaching up to 145 miles an hour. Insured property losses in Florida stand at $6.755 billion.
Hurricane Charley lost its punch by the time it reached the coastal areas of North Carolina and South Carolina on Aug. 14, which suffered insured losses of $25 million and $20 million, respectively.
Charley is the second costliest hurricane after Hurricane Andrew, which hit south Florida in 1992, causing insured losses of $20.3 billion in inflation-adjusted dollars.
