$8bn of losses predicted for Matthew in US

Forecasts for wind only liabilities for storm Matthew have been predicted at between $2bn and $8bn. As Florida avoided the very worst of the storm, insurers are looking at smaller losses in a year that has had a number of pay-outs. Loss estimates for the Bahamas stand between $1bn and $5bn; hurricane Matthew hit the Bahamas on Thursday with wind speeds of up to 140mph. The storm then followed the coast of Florida reducing in strength from category 3 to category 1 as it made landfall in south Carolina. It has been made clear to insurers that these initial estimates are based on potential scenario losses and do not represent total industry losses.