Catastrophe modelers revise expectations of hurricane losses

Extreme risk modeling firm, EQECAT Inc., and catastrophe risk experts, Risk Management Solutions (RMS), have revised their estimates of insured losses from Hurricane Ike, which hit Galveston, Texas, on Sept. 13. EQECAT has narrowed its estimated onshore insured losses to a range of $8 billion to $12 billion, from an initial estimated range of $8 billion to $18 billion at the storm’s landfall.