Insured losses from Hurricane Ian could be as much as $40 billion, making it the second-costliest cyclone in U.S. history, according to new estimates released Friday.
S&P Global Ratings projected insured losses of $30 billion to $40 billion, an amount it said the global insurance industry could likely absorb.
(Insured losses are always lower than economic losses, in that they only count the impact of damage to insured property. Total economic losses are likely to be substantially higher.)
According to inflation-adjusted tables from the Insurance Information Institute, a $40 billion loss would place Ian second among all U.S. hurricanes ever (behind Katrina) and third among global natural disasters (behind Katrina and the 2011 Japanese earthquake).
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