Canadian Underwriter

Hurricane Arthur losses won’t exceed $250 million

July 31, 2014   by

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Insured losses from Hurricane Arthur, which struck the United States and Canada in July, are not expected to be above $250 million from wind and coastal flooding, catastrophe modeling firm RMS reported in mid-July.

Arthur made landfall July 3 along Shackleford Banks, between Cape Lookout and Beaufort at the southern end of North Carolina’s Outer Banks as a Category 2 hurricane, according to RMS.

The storm then passed quickly over the Outer Banks of North Carolina and weakened to a Category 1 hurricane before tracking offshore of Massachusetts on the night of July 4, RMS said.

It then made a second landfall as a post-tropical storm in Nova Scotia and New Brunswick July 5. The storm lashed the provinces, causing flooding, toppling trees and knocking out power for 250,000 people in both Nova Scotia and New Brunswick.

Expected losses from Arthur will cover damage to residential, commercial and industrial properties; automobile and watercraft lines of business; and business interruption from power outages or damage to property.