Revealed - Insured loss from Tropical Storm Fay

Revealed - Insured loss from Tropical Storm Fay | Insurance Business

Revealed - Insured loss from Tropical Storm Fay

The insured loss from Tropical Storm Fay, which slammed into the New Jersey Coast Friday, will be close to $400 million, according to an estimate from catastrophe risk management firm Karen Clark & Company (KCC).

That estimate includes privately insured wind and storm-surge damage to residential, commercial and industrial properties and automobiles. It does not include National Flood Insurance Program losses.

Tropical Storm Fay made landfall near Atlantic City, N.J., at around 5pm EDT on Friday. Fay is the earliest “F” named storm on record, forming 12 days earlier than 2005’s Franklin. It’s also the first tropical storm to come ashore in New Jersey since Irene in 2011.

Parts of Maryland, Delaware, New Jersey, Pennsylvania and New York were hit by damaging winds from Fay. There were also scattered power outages in New York and New Jersey, the majority of which were quickly resolved, KCC reported. Hundreds of downed trees were reported in New York, and other areas, including New Jersey and Pennsylvania, also suffered tree damage that disrupted infrastructure, KCC said.