Report: Insured Losses from Beryl in Jamaica and Caymans $400M-$700M; Mexico’s Yucatan Less Than $1B

July 5, 2024

Insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are also less than $1 billion, according to catastrophe modeler CoreLogic.

CoreLogic’s estimated losses include wind-only damage to residential, commercial, industrial, and agricultural properties, including damage to contents and business interruption.

The modeler estimated early last week there will be between $1 billion and $1.5 billion insurable losses across the Windward Islands.

The storm grew more intense after its landfall over Grenada, reaching Category 5 with maximum sustained winds of 165 mph at its peak, which according to the National Hurricane Center, was the earliest Category 5 storm to form in recorded history.

Related: Hurricane Beryl Roars Toward Jamaica on Destructive Path

On Friday morning, Hurricane Beryl officially made landfall over the Yucatan Peninsula northeast of as a strong Category 2 hurricane with maximum sustained winds of 110 mph, according to CoreLogic.

“While it’s unfortunate that a part of Jamaica experienced the devastating winds of Hurricane Beryl, it is lucky the storm stayed just far enough south of Kingston and merely brushed against Jamaica, its strong winds avoiding the most populated areas,” said Jon Schneyer, CoreLogic’s director of catastrophe response. “A more northward shift could have caused a stronger storm surge and wind event in the more developed areas of Kingston, like what happened in 1988 with Hurricane Gilbert.”

Related: Record-Breaking Hurricane Beryl Is Getting Stronger on a Path to Grenada

Looking ahead, Hurricane-force winds in excess of 74 mph are possible in coastal regions in southern Texas.

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