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Karl Damage in Mexico May Cost Insurers $200 Million

Sept. 21 (Bloomberg) -- Hurricane Karl’s damage in Mexico may cost insurers as much as $200 million, according to catastrophe modeling firm AIR Worldwide.

The storm will probably cost at least $100 million based on estimates of wind and flood damage, the Boston-based firm said today in an e-mailed statement.

Karl hit Mexico for the second time Sept. 17 as a Category 3 storm on the five-step Saffir-Simpson scale. The storm caused flooding in parts of the state of Veracruz and a landslide in Nexticapan.

“Economic losses are likely to be significant,” and exceed the cost to the insurance industry because many property owners didn’t have coverage, AIR said.

To contact the reporter on this story: Natalie Doss in New York at ndoss@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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