Michael caused estimated $8B in insured losses

In this image made from video and provided by SevereStudios.com, damage from Hurricane Michael is seen in Mexico Beach, Fla. on Thursday, Oct. 11, 2018. Search-and-rescue teams fanned out across the Florida Panhandle to reach trapped people in Michael's wake Thursday as daylight yielded scenes of rows upon rows of houses smashed to pieces by the third-most powerful hurricane on record to hit the continental U.S. (SevereStudios.com via AP)

PANAMA CITY, Fla. (AP) — An insurance company that produces models for catastrophes is estimating Hurricane Michael caused about $8 billion in insured losses.

Boston-based Karen Clark & Company released the estimate Thursday. It includes the privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles. The figure does not include losses covered by the National Flood Insurance Program.

Michael made landfall as a 155 mph, Category 4 storm Wednesday afternoon in Mexico Beach, Florida. The hurricane left a path of destruction through the Florida Panhandle and entered Georgia as a Category 3 storm.

KCC estimates that nearly half of insured loss from Michael occurred in Florida's Bay and Gulf counties. Total damages from storm surge are estimated to be $3.7 billion, of which about ten percent will be insured.

Read the original version of this article at www.ky3.com.


Geese swim in the flooded parking lot of Saint Simon's On the Sound Church in Fort Walton Beach, Florida on Wednesday, Oct. 10, 2018 as Hurricane Michael approaches the Florida Gulf Coast. (Devon Ravine/Northwest Florida Daily News via AP)