Hurricane Ian made landfall in southwest Florida as a Category 4 storm on Wednesday afternoon, bringing catastrophic flooding and extremely high winds.
Insurance Information Institute spokeswoman Loretta Worters told FOX Business on Thursday that “while it’s too early to tell what the damage projections will be, many insurance modelers put them at between $20 billion and $40 billion. of dollars”.
After making landfall near Fort Myers and Cape Coral on the Gulf Coast, the storm moved through mid-Florida, weakened into a tropical storm, and reached the Atlantic Ocean.
Ian, which reverted to a hurricane early Thursday evening, is expected turn north before hitting South Carolina on Friday and moving inland, according to a public advisory from the National Hurricane Center (NHC).
TROPICAL STORM IAN INSURANCE LOSSES ARE EXPECTED TO REACH $40 BILLION
As Ian advances on his path, FOX Business takes a look at some of the costliest hurricanes to make landfall in the United States
The National Oceanic and Atmospheric Administration (NOAA) calls Hurricane Katrina the “costliest storm on record”.
Katrina first made landfall on Florida’s southeast coast on August 25, 2005, as a Category 1 hurricane before entering the Gulf Coast and strengthening to Category 5, according to the National Weather. Service (NWS). Shortly after weakening to Category 3, it hit Louisiana and Mississippi on August 29, 2005.
The hurricane caused massive damage, particularly in New Orleans after the levees breached, and claimed more than 1,800 lives, the NWS said.
According to NOAA figures last updated in July, Katrina cost $186.3 billion, adjusted with the 2022 consumer price index. The storm cost $125 billion on a not adjusted.
Hurricane Harvey, which made landfall as a Category 4 in Texas in 2017, resulted in adjusted costs of $148.8 billion, according to NOAA. Its unadjusted cost is $125 billion.
It brought extremely high levels of precipitation, with parts of Texas receiving more than 50 inches from the storm between Aug. 25 and Aug. 31, 2017, the NWS reported. More than 80 people died during the hurricane.
In 2017, Hurricane Maria devastated many Caribbean islands, including Dominica, Puerto Rico and the US Virgin Islands, according to the NWS. As a Category 5 hurricane, its winds reached speeds in excess of 160 mph.
During the deadly hurricane, Puerto Rico’s infrastructure was severely damaged. A study found that Maria had caused nearly 3,000 deaths.
NOAA estimated Maria’s adjusted cost at $107.1 billion. Without adjustment, the hurricane cost $90 billion.
HURRICANE IAN COULD SHUT FOOD PRICES
Hurricane Sandy affected parts of the Caribbean and many states on the US East Coast in 2012, including Florida, New Jersey and New York, according to the Federal Emergency Management Agency.
When adjusted for the 2022 CPI, the hurricane cost $81.9 billion, NOAA said. The value of its unadjusted costs was $65 billion. In New York, the storm destroyed about 300 homes and damaged more than 69,000 residential units, according to the city government.
Ida, a Category 4 storm in 2021, resulted in $78.7 billion in adjusted costs and $73.6 billion in unadjusted costs, according to NOAA.
It made landfall in the United States in southeastern Louisiana, knocking out power and causing major flooding.
HURRICANE IAN CONTINUES TO CAUSE DISNEY WORLD
In 2017, Hurricane Irma “caused widespread devastation in affected areas and was one of the strongest and costliest hurricanes on record in the Atlantic Basin,” the NHC said in a report. The storm impacted seven lands, including one near Cudjoe Key, Florida, and one near Marco Island, Florida.
Its 2022 CPI-adjusted cost was $59.5 billion, slightly more than its unadjusted cost of $50 billion, according to NOAA.