The State Hurricane Center lowered Hurricane Florence to Category 2 on Thursday, but the catastrophic combine of heavy rain and a severe storm surge are making the storm multitudinous dangerous than ever.
With Florence nearing landfall, AccuWeather fail and president and chairman Joel Myers estimated the costs from the howl will be at least $30 billion, and as much as $60 billion, hamlet it easily within the top 10 costliest in U.S. history.
Early estimates from J.P. Morgan outline Florence’s estimated industry-insured losses at $8 billion to $20 billion, which relieve would rank it high historically.
“This would make Storm Florence one of the top 10 most costly hurricanes to hit the U.S. We think this wish likely result in losses that are slightly less than one-quarter’s advantage of earnings for the commercial (re)insurers we cover,” J.P. Morgan analyst Sarah DeWitt thought in a note Monday.