PANAMA CITY, Fla. (AP) — An insurance company that produces models for catastrophes is estimating Hurricane Michael caused about $8 billion in insured losses.
Boston-based Karen Clark & Company released the estimate Thursday. It includes the privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles. The figure does not include losses covered by the National Flood Insurance Program.
Michael made landfall as a 155 mph, Category 4 storm Wednesday afternoon in Mexico Beach, Florida. The hurricane left a path of destruction through the Florida Panhandle and entered Georgia as a Category 3 storm.
KCC estimates that nearly half of insured loss from Michael occurred in Florida's Bay and Gulf counties. Total damages from storm surge are estimated to be $3.7 billion, of which about ten percent will be insured.