The insured losses from Hurricane Irma are likely to total between $10 billion and $30 billion, insurance analyst Randy Binner told CNBC on Monday.
"Those are very big numbers but that's well off the worst-case scenario the market was discounting last week," Binner, an analyst at FBR Capital Markets, said on "Squawk Box."
"It's for private insurance losses in Florida and also in the Carribean, which will be notable in this event," he added. "We are not estimating losses from the National Flood Program, which will be significant."
Binner said if Irma played out as a direct hit on Florida, as a Category 4 or 5, Americans would see a number closer to $100 billion in insured losses.
Stocks futures were sharply higher Monday as the damage from Hurricane Irma was not as bad as feared. On Monday, the storm gradually lost strength, churning northwest at about 105 miles mph.
Last week, shares of major insurance companies fell ahead of Irma, but managed to clinch a solid rebound.
Binner said he expects property and casualty names affected by the storm, which had been seesawing, to rally on the news.
Also on "Squawk Box" was Elyse Greenspan, senior analyst at Wells Fargo. She said because Irma switched toward a less destructive path, the U.S. is likely to see about $40 billion in losses.
"The fact that the storm veered toward the west coast of Florida, [it] really cut the total level of losses by about a third," Greenspan said.
She added the total is still a big blow to the insurance industry.
— Reuters contributed to this report.