Catastrophe modelling firm Karen Clark & Company (KCC) is the latest to issue an estimate for the insurance industry loss from recent major hurricane Melissa, pegging the total at US $2.4 billion.KCC explained that based on its high-resolution KCC Caribbean Hurricane Model, the $2.4 billion estimate includes the privately insured damage to residential, commercial, and industrial properties in Jamaica and Cuba.Just this morning we reported that catastrophe modeller .Meanwhile, Verisk’s Extreme Event Solutions division had said that .

While broker Aon with the potential to rise further as additional damage assessments are completed.KCC noted in its report that, “While this storm devastated parts of Jamaica and Cuba, the insured impact will be significantly less than the total economic impact due to low insurance penetration rates.” KCC’s insurance market loss estimate for hurricane Melissa is aligned with the rest of the industry.As we explained in our report this morning, .

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