AIR Worldwide Estimates Insured Losses for Hurricane Zeta Will be Between USD 1.5 Billion to USD 3.5 Billion
November 02 2020 - 6:40AM
Catastrophe risk modeling firm AIR Worldwide estimates that
industry insured losses to onshore property resulting from
Hurricane Zeta’s winds and storm surge will range from USD 1.5
billion to USD 3.5 billion. AIR Worldwide is a Verisk
(Nasdaq:VRSK) business.
Hurricane Zeta made landfall at 4 p.m. CDT on October 28 near
Cocodrie, Louisiana, about 80 miles south of New Orleans. It then
moved quickly northeastward and tracked directly over New Orleans
before moving through Mississippi and Alabama, where it weakened to
a tropical storm. Its remnants then continued across Georgia, the
Carolinas, and Virginia on Thursday, October 28.
According to AIR, at landfall, Zeta was a high-end Category 2
storm with 1-minute sustained wind speeds of 110 mph—just 1 mph shy
of a Category 3, which would have classified it as a major
hurricane. Zeta was the 27th named storm of the season—tying the
record for number of named storms in the Atlantic, set in 2005—and
the 11th to make landfall in the United States, breaking the
previous record for the number of U.S.- landfalling named storms
set in 1916. As the fifth named storm to make landfall in Louisiana
this season, it also broke the record for the number of named
storms to make landfall in Louisiana in one season set in 2002.
Hurricane Zeta made landfall just three weeks after Hurricane
Delta and about nine weeks after Hurricane Laura. While Laura and
Delta made landfall just 12 miles apart, Zeta made landfall about
150 miles east of their landfall locations and west of where Sally
made landfall on September 16. Considering all four of these
hurricanes—Sally, Laura, Delta, and Zeta—the entire coastline from
eastern Texas near the Louisiana border to the western Florida
Panhandle has been impacted by hurricanes so far this season.
After landfall, Zeta moved through Louisiana and into
Mississippi with gusts of up to 100 mph observed, and hurricane
conditions impacted Mississippi and Alabama. By Thursday morning,
Zeta had weakened to a tropical storm over central Alabama,
although strong gusts continued to impact northeastern Alabama,
northern Georgia, the Carolinas, and southeastern Virginia through
Thursday as Zeta’s remnants trekked northeastward.
Hurricane Zeta’s storm surge inundated far into the bayous of
southeastern Louisiana. Despite Zeta moving directly over New
Orleans, the levees protected that city from storm surge.
Inundation in Mississippi and Alabama was confined to coastal
areas, with Mississippi’s coast experiencing the largest storm
surge.
Included in AIR’s estimates are losses to onshore residential,
commercial, and industrial properties and automobiles for their
building, contents, and time element coverage.
About AIR WorldwideAIR Worldwide (AIR) provides
risk modeling solutions that make individuals, businesses, and
society more resilient to extreme events. In 1987, AIR Worldwide
founded the catastrophe modeling industry and today models the risk
from natural catastrophes, terrorism, pandemics, casualty
catastrophes, and cyber incidents. Insurance, reinsurance,
financial, corporate, and government clients rely on AIR’s advanced
science, software, and consulting services for catastrophe risk
management, insurance-linked securities, longevity modeling,
site-specific engineering analyses, and agricultural risk
management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is
headquartered in Boston, with additional offices in North America,
Europe, and Asia. For more information, please visit
www.air-worldwide.com. For more information about Verisk, a leading
data analytics provider serving customers in insurance, energy and
specialized markets, and financial services, please visit
www.verisk.com.
###
For more information, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong@air-worldwide.com
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