{"id":55302,"date":"2023-08-31T11:16:02","date_gmt":"2023-08-31T15:16:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/hurricane-idalia-fallout-stocks-affected-insurance-losses-flight-delays\/"},"modified":"2023-08-31T11:16:04","modified_gmt":"2023-08-31T15:16:04","slug":"hurricane-idalia-fallout-stocks-affected-insurance-losses-flight-delays","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55302","title":{"rendered":"Hurricane Idalia Fallout: Stocks Affected, Insurance Losses, Flight Delays."},"content":{"rendered":"
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Idalia has weakened to a tropical storm as it moves into South Carolina and North Carolina on Thursday, after making landfall in Florida as a major hurricane on Wednesday.\u00a0<\/p>\n

More than 300,000 customers were without power in Florida, Georgia, South Carolina and North Carolina as of early Thursday, according to website PowerOutage.us. The National Hurricane Center warned early<\/a> on Thursday that there were widespread areas of life-threatening flash flooding in southeastern North Carolina.<\/p>\n

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Preliminary estimates before Idalia made landfall implied average insured losses of around $9.4 billion, according to analysts at
\n UBS,<\/span>
\n citing preliminary estimates from RMS, a catastrophe risk modeling firm under
\n Moody\u2019s.<\/span>
\n It said that should be largely contained within the insurance sector\u2019s expected catastrophe losses for the quarter.<\/p>\n

Insurance broker BMS Group said it estimated that industry insured losses would be between $3 billion and $6 billion, and that it was now likely to be at the lower end of that range. \u201cThis is not the devastating event that was feared 24 hours ago,\u201d it said.<\/strong><\/p>\n

Idalia made landfall at a much more sparsely populated region than Hurricane Ian\u00a0last year, which suggests there will be significantly lower losses than the $112 billion in damage caused by that storm. <\/p>\n

Insurance stocks were little changed in the premarket on Tuesday. <\/p>\n

Tampa International Airport in Florida said it would resume full operations on Thursday, having avoided any serious damage during the storm.<\/p>\n

Air travel disruption also appeared to be easing early Thursday, after close to 5,000 flights were delayed and 1,100 canceled Wednesday, according to data from flight-tracker FlightAware. As of 6.30 a.m. Eastern time, 153 flights within, into, or out of the U.S. had been canceled. The major U.S. airlines had all canceled less than 2% of their flights.<\/p>\n

\n Southwest Airlines
\n (ticker: LUV) and
\n United Airlines
\n (UAL) stocks were both moving up 0.5% in the premarket on Thursday, recouping losses from the previous day.
\n Delta Air Lines
\n (DAL) shares were flat. <\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n