Gonzalo damage in Bermuda up to $400M
Hurricane Gonzalo caused between $200 million and $400 million in insured losses last weekend in Bermuda, according to an estimate by AIR Worldwide, a Boston-based catastrophe modeling company.
The large eye of the storm containing calm air passed directly over the tiny island chain of 65,000 residents on Oct. 17, reducing the time the British territory was exposed to hurri- cane-force winds and limiting potential damage, AIR said in its estimate released late Wednesday.
EQECAT, another modeling firm, estimated the insured losses at $300 million, according to a report on Monday by Insurance Journal, a trade publication.
Gonzalo blew off portions of roofs and caused structural damage to some older buildings, AIR found in a survey conducted Sunday and Monday.
But the company found that more modern and well- maintained buildings constructed under strict new building codes to withstand sustained winds of up to 110 mph and gusts up to 150 mph held up well. Most resorts saw only minimal damage to roofs, AIR reported.
Gonzalo hit the Atlantic island archipelago off the coast of North Carolina with maximum sustained winds of around 110 mph, forecasters said.
This was the strongest storm to strike Bermuda since Hurricane Fabian in 2003, which AIR said caused $300 million in damage. A repeat of Fabian this summer would have cost $650 million, factoring in increased 2014 insurance exposure, AIR said.
Bermuda also suffered wide power outages and blocked roads, but there were no fatalities. By Thursday, power was mostly restored.
AIR’s calculations do not include damage to infrastructure or boats tossed at sea and blown from berths on land.