AIR Worldwide lowers Hurricane Irene loss estimate for Bahamas

AIR Worldwide has revised its industry insured loss estimates for Hurricane Irene’s impact in the Bahamas to between US $200 million and $400 million (previously $300 million to $700 million). The revision for the Bahamas is based on a refinement of information about insurance take-up rates obtained from local experts during AIR’s damage survey and a re-analysis of detailed exposure data provided by several companies representing a significant portion of the market, says an AIR release. Take-up rates in Nassau and Freeport, where most of the property exposure is located, is 80% for residential properties and 90% for commercial properties. But in the other islands of the Bahamas, where the majority of damage occurred, take-up rates were only 20% for residential properties and 25% for commercial.