Report: Hurricane Beryl May Generate $1B-$1.5B in Insured Losses Across Windward Islands

Between $1 billion and $1.5 billion insurable losses may be seen across the Windward Islands from Hurricane Beryl, according to catastrophe modeler CoreLogic.

The second named storm and first hurricane of the 2024 season made landfall over Carriacou Island of Grenada on Monday. The National Hurricane Center estimated maximum sustained wind speeds of 150 mph.

Related: Record-Breaking Hurricane Beryl Is Getting Stronger on a Path to Grenada

The formation of a hurricane Category 3 or stronger east of the Caribbean Sea this early in hurricane season is unprecedented, according to a CoreLogic update on the storm.

Damage in Grenada is driving the majority of the losses, and weather stations on this island recorded the highest wind speeds from this storm, the report shows.

The estimated losses include wind-only damage to residential, commercial, industrial, and agricultural properties, including damage to contents and business interruption.

Beryl is quickly moving west-northwest.

“While the storm strengthened rapidly over the Main Development Region (MDR) in the Atlantic Ocean, it began to weaken overnight prior to landfall when the hurricane underwent an eye wall replacement cycle,” the report states. “When an eye wall replacement cycle occurs, wind speeds decrease but the storm grows in size, exposing more areas to hurricane-force winds.”