Verisk Analytics sees industry insured losses to property in Jamaica $2.2B-$4.2B

The Extreme Event Solutions group at Verisk estimates industry insured losses to onshore property in Jamaica from Hurricane Melissa will likely range from $2.2B-$4.2B. The industry loss range includes estimated wind and precipitation-induced flood from Melissa’s track across Jamaica, with most of the modeled loss attributable to wind. Melissa became a hurricane on October 21. Exceptionally warm sea surface temperatures and low wind shear ignited a period of rapid intensification on October 25. Given the significant amount of wind damage seen along the path of Hurricane Melissa, it is important to put this damage in perspective with building codes in Jamaica. The first building code in Jamaica known as Kingston and St. Andrew Building Act dates back to early 1900 and was mostly a legal document describing the building regulation and governance in the region. Losses paid out by any sovereign or government protection programs; Losses from Melissa’s interactions with Cuba, Haiti, the Bahamas, or Bermuda; Explicitly modeled losses from coastal storm surge; Losses to inland marine, ocean-going marine cargo and hull, and pleasure boats/yachts; Losses to uninsured properties; Losses to infrastructure; Losses from extra-contractual obligations; Losses from hazardous waste cleanup, vandalism, or civil commotion, whether directly or indirectly caused by the event; Loss adjustment expenses; The impact of demand surge.