Tropical Storm Fay caused approximately $400 million in insurance market loss when it hit the northeastern U.S., catastrophe risk modeller Karen Clark & Co. estimated.
Fay made landfall on July 10 after its formation off the North Carolina coast just a day earlier, Artemis reported. Sustained wind speeds reached 60 mph.
The tropical storm moved just north of Atlantic City, New Jersey before it made landfall. Winds diminished as it moved through New York, an area that has high reinsurance market exposure, Artemis reported.
Damaging winds affected parts of Maryland, Delaware, New Jersey, Pennsylvania and New York. Trees falling on buildings might have caused structural damage, Karen Clark & Co. told Artemis.
Hundreds of downed trees in New York impacted infrastructure, with parts of Pennsylvania and New Jersey also affected, Artemis reported.
Hundreds of downed trees were part of the firm’s catastrophe risk modeller, Artemis reported. An area of the eastern seaboard from South Carolina to New York recorded low levels of storm sure
The minimal losses should mean the impact on reinsurance capital will be low.
Fay spent little time over warmer waters or the strength of the storm and the damages it caused could have been higher, Artemis reported.
