(Bloomberg) -- Hurricane Ian will cost private US insurers $63 billion in claims and will cause the largest storm-related losses in Florida’s history, according to an estimate from a risk-modeling firm.
The forecast includes losses to residential, commercial and industrial properties as well as automobiles, Karen Clark & Co. said Friday in a report. Previous estimates cited by industry analysts put damages around $30 billion to $40 billion.
Ian made landfall Wednesday and tore across Florida, bringing with it powerful gales and a wall of water that inundated parts of the state. It pummeled South Carolina Friday with violent wind and a deadly storm surge on its way up the East Coast.
“In nominal dollars, Hurricane Ian will be the largest hurricane loss in Florida history,” Karen Clark wrote in its report. “The total economic damage will be well over $100 billion, including uninsured properties, damage to infrastructure, and other cleanup and recovery costs.”
(Updates with record losses in first paragraph.)
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