Losses from Nate which made landfall in Mississippi on 8 October - are likely to be around $500mn.

Losses from Nate which made landfall in Mississippi on 8 October - are likely to be around $500mn.

Nate a primary loss event at $500mn: KCC

09 October 2017

Reinsurers’ stretched claims departments were given an Autumnal reprieve this weekend with losses from Hurricane Nate likely to be principally a primary event.

According to the cat modelling firm Karen Clark & Company (KCC), losses from the Cat 1 storm - which made landfall in Mississippi on 8 October - are likely to be around a modest $500mn.

Hurricane Nate formed as a tropical depression in early October, before upgrading to a tropical storm on 5 October. The event brought widespread flooding to parts of Costa Rica and Nicaragua and was reported to have led to more than twenty fatalities, before upgrading to a cat 1 storm a day later.

While Nate’s insured loss impact will be modest, it still adds to the brutal roll-call of 2H 2017 storm loss events. RMS is currently estimating total insured losses from Hurricanes Harvey and Irma of up to $80bn and $15-30bn from Hurricane Maria. re