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Hurricane Dorian caused an estimated $1.5 billion to $3 billion worth of damage in the Caribbean

Key Points
  • Hurricane Dorian is estimated to cost insurance companies up to $3 billion in the Caribbean, a risk firm estimated on Friday.
  • Dorian is the strongest hurricane to hit the northwestern Bahamas on record.
  • Insurance model estimates include damage to residential, commercial, and industrial properties, living expenses during recovery and wind damages, the firm said.
People recover items from a beached boat after Hurricane Dorian September 5, 2019, in Marsh Harbor, Great Abaco.
Brendan Smialowski | AFP | Getty Images

Damage from Hurricane Dorian in the Caribbean could reach up to $3 billion, a risk firm estimated on Friday.

Insurance losses from Hurricane Dorian's impact on the Caribbean will range from $1.5 billion to $3 billion, according to catastrophe risk modeling firm AIR Worldwide.

Hurricane Dorian hit St. Thomas on Aug. 28 and tracked through the Virgin Islands picking up strength. Dorian, the strongest hurricane to hit the northwestern Bahamas on record, landed in the Bahamas on Sunday as a Category 5. It  hovered over the Bahamas until Tuesday, when it started moving towards Florida.

Although the damage estimates include all of the Caribbean, due to Dorian's track, most of the Caribbean experienced little damage outside of the Bahamas.

Still, the damages in the Bahamas are "devastating," the firm said.

"Buildings were destroyed, roofs were torn off, trees were felled, streets and homes were flooded, and cars, boats, and debris were strewn everywhere," AIR Worldwide's report said.

Insurance model estimates include damage to residential, commercial, and industrial properties, living expenses during recovery and wind damages, the firm said.

Dorian remained off the eastern coast of Florida on Tuesday and Wednesday as a category 2 hurricane.

It is currently off the coast of North Carolina.

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Hurricane Dorian makes landfall over Cape Hatteras, North Carolina