Hurricane Beryl-Related Damage May Cost US Insurers $2.7 Billion, KCC Says

By Jace Dela Cruz

Jul 12, 2024 02:41 AM EDT

Hurricane Beryl is expected to cause approximately $2.7 billion in damages to US insurers, as estimated by catastrophe modeling firm Karen Clark & Co (KCC).

US-ENVIRONMENT-TEXAS-WEATHER-BERYL — The remains of Mike Isbell's home are seen after it was destroyed when Hurricane Beryl made landfall, in Surfside Beach, Texas, on July 8, 2024.
(Photo : MARK FELIX/AFP via Getty Images)

Damages of Hurricane Beryl to US Insurers

According to Reuters, KCC's estimated damages include privately insured losses to residential, commercial, and industrial properties, as well as automobiles and business interruptions.

The KCC report noted that the estimate does not account for losses to boats, offshore properties, or those covered by the National Flood Insurance Program.

Privately Insured Losses in the Caribbean and Mexico

In addition to US damages, KCC reported that privately insured losses would likely be around $510 million in the Caribbean and $90 million in Mexico.

On Monday, Hurricane Beryl struck the Texas coast as a Category 1 hurricane near Matagorda, about 100 miles from Houston. The storm brought strong winds that downed power lines and damaged various properties.

Beryl's path extended from the Windward Islands in the Caribbean to the Texas Gulf Coast, affecting a broad swath of territories along its trajectory.