Last month’s Hurricane Matthew could cost the US and Caribbean combined economic losses of approximately $15 billion, according to Aon Benfield’s Impact Forecasting team.
Impact Forecasting’s monthly catastrophe report revealed that US total economic losses could hit $10 billion, while private insurance could see economic losses of up to $5 billion.
Hurricane Matthew also ripped through the Caribbean, causing $2.6 billion of economic losses in Cuba, $1.9 billion in Haiti and $600 million in the Bahamas.
Flooding and strong winds also affected part of Atlantic Canada, where damages and expenses are expected to hit tens of millions of dollars.
Steve Bowen, director and meteorologist at Impact Forecasting, said: “The extensive footprint of Hurricane Matthew left considerable damage and humanitarian impacts from the Caribbean to Canada.”
