Hurricane Beryl has caused at least $3.3 billion in damage in the United States, the Caribbean and Mexico, according to research shared on Thursday from a firm that specializes in estimating disaster costs.
Hurricane Beryl made landfall in Texas on Monday morning as a Category 1 hurricane after wreaking havoc through the Caribbean. The storm has killed at least 11 people in the Caribbean, according to The Associated Press (AP). Six people in Texas and one person in Louisiana were also killed.
The AP on Thursday reported a firm that works on damage estimates, Karen Clark & Company, found the storm is responsible for $2.7 billion in privately insured U.S. losses. firm also calculated the storm caused $90 million in damage in Mexico and $510 million in the Caribbean.
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"The estimate is only for insured properties and does not include homes covered by the U.S. National Flood Insurance Program, so total losses will be higher," the AP said.
Another estimate from AccuWeather puts the potential overall cost of Hurricane Beryl even higher. A preliminary figure from the commercial weather forecasting service released on Wednesday said destruction from Beryl could run as high as $28-32 billion in the U.S.
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"AccuWeather's estimate largely accounts for damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as power outages, which results in food spoilage and interruption to medical care and reflects damage that has already occurred, as well as expected damage yet to occur over the coming," the company said in a statement.
The estimates come as remnants of the hurricane passed through New England and northern New York state. The AP on Thursday reported Vermont has been hit with flooding caused by Berly's remnants, resulting in "frantic evacuations, knocked down bridges and washed away an apartment building."
Central Vermont was said to have experienced some of the worst effects of the storm. The state was also hit with heavy rainfall and catastrophic flooding in July 2023 that resulted in severe damage.
In a separate story, the AP said the extensive damage from Beryl to homes and businesses in the U.S. has resulted in insurers increasing rates.
"Rate hikes have been a way for property insurers to offset the cost of catastrophic events," the AP wrote.
The trend could continue as the National Oceanic and Atmospheric Administration has predicted a busy hurricane season this year.
"If this grim forecast comes to fruition, it will likely buoy pricing for many lines of property-casualty insurance and reinsurance, providing certain underwriters' shares with a catalyst," said a research report from the equity company CFRA, according to the AP.
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