FLORIDA: A US Insurance firm, UBS, has estimated that the Hurricane Idalia can cause insured losses of $9.36 billion in the state of Florida and adjacent states.
According to western media reports the hurricane made landfall on Wednesday in extremely dangerous Category 3 storm.
Earlier, millions of residents evacuated or moved to the basements of their homes to be safe as strong gusts and rain lashed coastal Florida.
UBS says that there is a 50 percent chance of losses of over $4.05 billion and a 10 percent possibility of losses of $25.6 billion.
Read Also: Hurricane Idalia Strengthens to Category 4 as Florida Braces for “Catastrophic” Impact
According to estimates the Idalia could be the one of the costliest hurricanes for the United States insurers.
Global insurers are facing a bumpy 2023 as they have increased rates due to the impacts of Ukraine war increasing wildfires and hurricanes.
The US National Hurricane Center (NHC) had reported that Idalia even after after landfall, was likely to remain a hurricane moving across southern Georgia and the coastal areas of Georgia or southern South Carolina.
The dire situation has forced authorities and disaster management agencies to take the storm seriously and evacuate people from vulnerable areas.
