Hurricane Beryl is expected to cost insurers around $2.7 billion in damages in the United States, according to catastrophe modeling company Karen Clark & Co (KCC). The storm caused significant damage when it made landfall as a Category 1 hurricane near Matagorda, Texas. About one and a half million customers in Texas were still without power two days after the hurricane, with restoration efforts slowed by the extensive damage.
Beryl’s strong winds and heavy rains knocked down power lines and caused widespread property damage across Texas. The U.S. damage estimate from KCC includes losses to residential, commercial, and industrial properties, as well as automobiles and business interruptions. However, it does not cover boats, offshore properties, or losses under the National Flood Insurance Program.
In the Caribbean, privately insured losses from Beryl are estimated to be around $510 million, with an additional $90 million in damages expected in Mexico. The hurricane’s path stretched from the Windward Islands in the Caribbean to the Texas Gulf Coast, causing significant disruption and damage along the way.
Reinsurance broker Gallagher Re has estimated that the U.S. economic losses from Beryl will be at least $1 billion. Weather forecasting firm AccuWeather has issued a preliminary estimate of the total damage and economic loss to be between $28 billion and $32 billion. This underscores the substantial financial impact Hurricane Beryl has had across the regions it affected.
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