Insured loss from Humberto less than $1B: Modelers

PORT ARTHUR, Texas—Insured property damage from Hurricane Humberto should not reach $1 billion, according to catastrophe modelers.

Humberto made landfall in southeastern Texas as a Category 1 hurricane early Thursday morning and crossed into Louisiana. The storm passed close to Port Arthur, Texas, a center of petroleum refining operations, some of which were impacted by the storm, according to Oakland, Calif.-based modeler EQECAT Inc. EQECAT estimates that insured damages will be less than $1 billion.

Newark, Calif.-based Risk Management Solutions Inc. said it does not expect total insured losses associated with Hurricane Humberto to exceed $500 million. That figure includes wind damage to residential, commercial and industrial properties, along with business interruption losses resulting from power outages or damage to property.