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Insurers will absorb half of the damage of hurricane Michael



November 9, 2018 09:30

Public and private insurers will have to absorb eight billion u.s. dollars (G$ US)$ 15 billion US in economic losses that caused the hurricane Michael, revealed a report ofAon Benfield.

The economic losses include US$ 2.3 billion in damage to wood industries in the states of Florida and Georgia, and a loss of US$ 2 billion to the agricultural sector in Georgia. “Public and private insurers — including the national program of flood insurance and the crop insurance program of the USDA — were on the point of paying more than $ 8 billion in payments,” says Aon.

The hurricane, which made landfall last October 10 in Florida, has risen to the top of the hurricanes whose winds were the most powerful ever recorded in the United States. In addition, the event claimed the lives of 45 people.

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