Insurable losses from Beryl across Jamaica, Caymans & Mexico to be less than $2bn

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CoreLogic has estimated that total insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are less than $1 billion.

corelogic-logo-newAccording to CoreLogic, the losses include wind-only damage to residential, commercial, industrial, and agricultural properties, including damage to contents and business interruption.

It is worth noting that insurable losses account for damage to all modelled exposure types before the application of any insurance terms, and do not include losses to any regional insurance programs.

Speaking on the particulars that led to these estimations, CoreLogic noted that Hurricane Beryl grew in intensity after its initial landfall over Carriacou Island of Grenada, reaching Category 5 status with maximum sustained winds of 165 mph at its peak.

After its direct landfall over the Windward Islands, Hurricane Beryl is said to have advanced toward Jamaica and the Cayman Islands.

CoreLogic continued, “Starting Wednesday, July 3 at 2 p.m. local time Hurricane Beryl passed over southeastern Jamaica, but early reports indicate that it spared Kingston from the worst of the winds.

“On the morning of Friday, July 5, Hurricane Beryl officially made landfall over the Yucatan Peninsula northeast of Tulum at 6:05 a.m. local time as a strong Category 2 hurricane with maximum sustained winds of 110 mph.”

Jon Schneyer, CoreLogic’s director of catastrophe response, commented, “While it’s unfortunate that a part of Jamaica experienced the devastating winds of Hurricane Beryl, it is lucky the storm stayed just far enough south of Kingston and merely brushed against Jamaica, its strong winds avoiding the most populated areas.

“A more northward shift could have caused a stronger storm surge and wind event in the more developed areas of Kingston, like what happened in 1988 with Hurricane Gilbert.”

Meanwhile, the Cayman Islands reportedly remained outside of Hurricane Beryl’s strongest winds, with a weather station at the Owen Robers International Airport on Grand Cayman Island recording a wind gust of 54 mph with sustained winds less than that.

Hurricane Beryl is Additionally the earliest Category 5 hurricane on record in the Atlantic Ocean, as per CoreLogic.

The previous record holder was Hurricane Emily, which strengthened to a Category 5 hurricane on July 17, 2005. At 165 mph, Beryl also became the strongest hurricane ever observed in July.

CoreLogic’s Chief Scientist Dr. Howard Botts, said, “This is the sort of behaviour we would expect to see in late August or early September during the peak of hurricane season.

“To see a major tropical cyclone east of the Caribbean in late June is almost unheard of. A Category 5 hurricane in early July has never been recorded.

“Is this a new normal? Possibly, and it shows that pre-season outlooks are likely correct, and this will be an incredibly active hurricane season.”

The post Insurable losses from Beryl across Jamaica, Caymans & Mexico to be less than $2bn appeared first on ReinsuranceNe.ws.

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