Gallagher Re estimates Idalia loss

Hurricane Idalia is expected to result in a low- to mid-single-digit billion-dollar loss for insurers, according to a note issued late Wednesday by Gallagher Re.

Initial impacts from Idalia, which made landfall Aug. 30 near Keaton Beach, Florida, as a 125 mph, Category 3 storm, were widespread and included damage to property, vehicles and infrastructure.

Blocked and closed roadways, flooded businesses and homes, downed trees and power lines and water rescues were common across the most-affected areas of northern Florida and southern Georgia, Gallagher Re said.

Further details on business interruption due to any extended power outages or closure of commercial interests resulting from physical damage will become available in coming days and weeks, said Gallagher Re, the reinsurance business of Arthur J. Gallagher & Co.

Building design requirements for hurricane winds in Florida are among the strongest and most stringent in the world, but vary by location, it said.