Flooding causes uncertainty over losses from Irene, Eqecat says

09/15/2011 | PropertyCasualty360

Eqecat has said insured losses from Hurricane Irene could reach $2.8 billion, but most of the storm's damage was caused by flooding triggered by rainfall, the catastrophe modeler added. Uncertainties in estimating the damage include "the additional damaging effects of an exceptionally wet event and uncertainties around how flood and wind and rain damages are separated for insurance loss payments," the company said. National Flood Insurance Program data trends indicate that flooding losses are unlikely to surpass $1 billion, Eqecat said.

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