Hurricane Matthew may cause $25-30 billion in insurance losses

[WorldNews]

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By Carolyn Cohn and Noor Zainab Hussain LONDON (Reuters) - A hurricane threatening the first direct hit on the United States in more than a decade could cause insurance losses of $25-30 billion and be the second costliest U.S. hurricane on record for insurers, according to initial industry estimates. Hurricane Matthew is just off the east coast of Florida near Cape Canaveral, the National Hurricane Center said in an advisory on Friday, after killing hundreds of people in Haiti on its move north through the Caribbean. Data modelling firm RMS told clients earlier this week its initial estimates were a 42 percent chance of a $20 billion insurance loss and a 26 percent chance of a $30 billion loss from the hurricane, a source familiar with the research said.

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