Verisk has come out with its first post-landfall and official estimate of insurance and reinsurance market losses from hurricane Ian, saying that the onshore property insured loss is estimated to be in a range from $42 billion to $57 billion.This industry loss estimate is from Verisk Extreme Event Solutions, so what was AIR Worldwide and includes estimated wind, storm surge, and inland flood losses resulting from Ian’s landfalls in both Florida and South Carolina.However, Verisk notes that the industry loss estimate excludes certain elements, such as losses to the National Flood Insurance Program and any potential impacts of litigation or social inflation, that it says could cause the total insurance and reinsurance industry loss to exceed $60 billion.The majority of the industry loss estimate from Verisk is comprised of wind damage at $38 billion to $51 billion.

Storm surge (excluding losses from the NFIP) accounts for $3 billion to $5.5 billion of the loss estimate, and inland flood less than $1 billion, Verisk explained.Driving home the fact hurricane Ian is a Florida loss event for the insurance, reinsurance and insurance-linked securities (ILS) industry, Verisk said that only around 1 percent of the total industry loss will come from the impacts of Ian’s South Carolina landfall.Verisk said that its estimate includes losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage.

It also reflects the impacts of inflation on labor and materials over the past two years, the company said, and factors in demand surge factors as well.The estimate from Verisk does not include: Losses to inland marine, ocean-going marine cargo and hull, and pleasure boats Loss adjustment expenses Losses exacerbated by litigation, fraudulent assignment of benefits, or social inflation Losses paid out by the National Flood Insurance Program Storm surge leakage losses paid on wind-only policies due to government intervention Losses to uninsured properties Losses to infrastructure Losses from extra-contractual obligations Losses from hazardous waste cleanup, vandalism, or civil commotion, whether directly or indirectly caused by the event Losses resulting from the compromise of existing defenses (e.g., natural and man-made levees) Other non-modeled losses, including those resulting from tornadoes spawned by the storm Losses for U.S.offshore assets and non-U.S.

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