Insured losses in the US resulting from Hurricane Ivan are likely to be between $2bn and $7bn, said catastrophe risk management company Risk Management Solutions (RMS).
Additional insured losses of $1bn-$2bn are expected from damage caused in the Caribbean, with the majority occurring in the Cayman Islands.
Hurricane Ivan, the fourth hurricane to hit the Atlantic region in 2004, hit the mainland US to the south-east of Mobile, Alabama as a category three storm.
Maximum sustained wind speed estimates range from 110mph to 130mph at landfall, said RMS.
Wind speeds have decreased and Ivan is now classified as a tropical storm. Maximum sustained winds have decreased to near 70mph, said the company.
