EQECAT Estimates $6 to $10 Billion Losses from Hurricane Charley
Oakland, CA
August 18, 2004
EQECAT estimates that Hurricane Charley has caused industry insured losses in the range of $6 to $10 billion in Florida. This estimate is based on an analysis of this event on the EQECAT EQESTOCK insurance inventory. The hurricane made landfall near Punta Gorda (North of Fort Myers) and primarily affected Charlotte and Lee counties (accounting for over 60 percent of the expected losses).
The event ID #26684 in the EQECAT North Atlantic stochastic storm set best represents this event. Users of the EQECAT USWind desktop application can continue to analyze the event by following the instructions at the EQECAT Hurricane Activity site. These pages have been updated with details from the date of the event and will continue to be updated.
EQECAT sent a team of wind engineers headed by Dr. James R. Bailey, Ph.D., P.E. to survey the damage in southwest and central Florida. The team will be preparing a detailed report on the event's damage. Upon completion, the report will be made available to all our customers.
EQECAT, Inc. provides state-of-the-art products and services to the global property and casualty insurance, reinsurance and financial markets. EQECAT is the technical leader and innovator of catastrophe risk management models that quantify exposure to a range of natural and man-made catastrophic risks.
Through its modeling software platform, WORLDCATenterprise, EQECAT enables clients to quantify and manage the potential financial impact of natural hazards. WORLDCATenterprise includes 181 natural hazard software models for 95 countries spanning six continents. These models are based upon innovative applications of the latest science, engineering expertise, claims and exposure data and advanced mathematics.
EQECAT, a subsidiary of ABSG Consulting Inc., was founded in 1994 and is headquartered in Oakland, California.
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