East Coast’s Insured Loss From Tropical Storm Fay to Tally Near $400 Million: KCC

The insured loss from Tropical Storm Fay will be close to $400 million, according to catastrophe risk modeling firm Karen Clark & Company (KCC).

KCC said its estimate includes the privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles but does not include. It does not include National Flood Insurance Program losses.

The tropical storm made landfall near Atlantic City, New Jersey, around 5:00 p.m. EDT on June 10,. Light wind damage from Fay included downed trees and powerlines, and low levels of storm surge stretched from South Carolina to New York, according to the KCC report.

Fay brought damaging winds to parts of Maryland, Delaware, New Jersey, Pennsylvania, and New York. Scattered power outages were reported in New York and New Jersey. Although light wind damage is most likely from this storm, KCC said structural damage is possible from trees falling on buildings, noting that in New York City alone, hundreds of downed trees were reported, and other areas, including New Jersey and Pennsylvania, also experienced tree damage that resulted in infrastructure disruption.

Tropical Storm Fay formed on July 9 off the coast of North Carolina with maximum sustained winds of 45 mph. Over the next 24 hours, the storm traveled north off the coast of the U.S. Its maximum sustained winds increased to 60 mph as it approached the New Jersey shore.

After making landfall just north of Atlantic City, New Jersey, Fay continued north through New York. Once overland, the storm quickly weakened and was downgraded to a tropical depression nine hours after landfall. By 5 a.m. EDT on July 11, the storm had transitioned to a post-tropical low.

Topics Catastrophe Natural Disasters New York Profit Loss Windstorm New Jersey