Insured losses to onshore property from Hurricane Ian could range between $42 billion and $57 billion, according to a new estimate from Verisk Extreme Event Solutions. The projection includes estimated wind, storm surge, and inland flood losses resulting from Ian’s landfalls in both Florida and South Carolina. The estimate excludes certain losses such as losses to the National Flood Insurance Program and any potential impacts of litigation or social inflation, which could cause the total insured industry loss to surpass $60 billion.
The majority of the estimated losses come from wind damage, estimated at $38 billion to $51 billion. Storm surge, excluding NFIP losses, accounts for $3 billion to $5.5 billion, and inland flooding to less than $1 billion. About 1% of the total industry loss will come from Ian’s South Carolina landfall, Verisk said.