Early indications are that hurricane Wilma will result in US insured losses of $6 to $9 billion. Although lower wind speeds and the faster movement of the storm contributed to these relatively modest claims (at least in comparison to Rita and Katrina), Florida’s strong building codes are also being credited with reducing the storm’s financial impact.
When a multibillion dollar storm is considered good news, the P&C markets are in trouble. And adding Wilma’s expected impact to that of the season’s previous storms makes this far and away the worst season on record in terms of financial damage. Wilma will likely cause additional damage as she moves up the coast, with strong winds and rain now hammering New England and the NYC area.
What does this mean for you?
Your insurance rates are going up.
Oct
25
