Risk modelling firm EQECAT has estimated that Hurricane Irene could cost insurers between $1.8bn and $3.4bn.

Within this, EQECAT expects US losses from Irene of between $1.5bn and $2.8bn, with losses from the Caribbean making up the balance. The company expects economic losses in the US from the storm of $10bn.

Yesterday rival risk modeller AIR Worldwide put Irene’s US insured losses at between $3bn and $6bn.

After cutting a devastating track through the Caribbean, hitting the Bahamas particularly hard, Irene went on to make three landfalls on the US east coast over the past weekend.

EQECAT expects 60% of the estimated US insured losses to come from the states of New York, New Jersey and Connecticut.

Hurricane Irene loss estimates so far (in $m):

Total:

  • EQECAT: 1,800 – 3,400

US

  • EQECAT: 1,500 – 2,800
  • AIR Worldwide: 3,000-6,000

Caribbean:

  • AIR Worldwide: 500-1,100
  • EQECAT: 300-600