Ratings agency Fitch has warned that the combined US insured losses this hurricane season could exceed the combined total for 1992, when the US was battered by Hurricanes Andrew and Iniki.
Insured losses from Hurricane Jeanne, a Category 3 hurricane with 120mph winds at landfall, have been estimated at between between $4bn and $14bn.
Catastrophe modeling firm EqecatT has estimated losses in the range of $6bn to $14bn, while another catastrophe modeller Risk Management Solutions has estimated insured losses ranging from $4bn to $8bn.
The last time four hurricanes hit the same state was 1886 when four hurricanes made landfall in Texas.
Fitch said that all four storms (Charley, Frances, Ivan and Jeanne) could equate to a loss in the range of $21bn to $26bn, potentially beating the $22bn adjusted cost of Hurricanes Andrew and Iniki.
It said that taken individually, all four storms could also potentially make the list of the top ten costliest catastrophes in US history.
Fitch said that the impact of Hurricane Jeanne further increased the likelihood of insurance and reinsurance price increases, particularly since insurance pay-outs for hurricane losses this year would be at or near historic high levels.
