Moody’s: Private Market Insured Losses From Francine to Not Exceed $2B

U.S. private market insured losses from Hurricane Francine are estimated to not exceed $2 billion, Moody’s RMS Event Response team said.

Losses to the National Flood Insurance Program from the hurricane are estimated to be less than $200 million, the credit rating agency added. Moody’s expects the majority of total private market and NFIP insured losses to occur in Louisiana and to be driven by wind.

“We expect Hurricane Francine to be another manageable event for the (re)insurance market this hurricane season,” said Jeff Waters, director, North Atlantic Hurricane Models, Moody’s, said. “Fortunately, the storm encountered strong wind shear just prior to landfall, which limited its potential to strengthen further and helped it to weaken quickly post-landfall.”

Waters said that low tide conditions at the time of the fall helped counteract the chance for damaging storm surge to develop.

Francine made landfall September 11 as a Category 2 hurricane with maximum sustained winds of 100 miles per hour. The hurricane brought storm surge and heavy rainfall to the Louisiana coastline but New Orleans and Baton Rouge were largely sparred from the worst of storm’s severe winds.

Hurricane Francine was the sixth named storm of the 2024 North Atlantic hurricane season and the third hurricane this season to make landfall in the U.S.

Photo: Two vehicle on Olive street are flooded during Hurricane Francine in New Orleans, Wednesday, Sept. 11, 2024. (David Grunfeld/The Times-Picayune via AP)