Insured losses from Hurricane Ian have been estimated at $US42-57 billion ($65-88 billion) including impacts after landfalls in both Florida and South Carolina, modelling company Verisk says, making it one of the worst to hit the US.

The estimate includes wind, storm surge and inland flood onshore property impacts, but excludes losses to the government-backed National Flood Insurance Program.

Wind damage of $US38-51 billion ($59-79 billion) comprises the majority of the estimate, while the impacts from the second South Carolina landfall represent about 1% of the total, the company says in an update released on Monday in the US.

Wind impacts were more severe around where Ian made landfall in southwest Florida, and included significant loss of roof covers in residential homes and torn up membranes in commercial structures, while extensive damage was also seen to elements of building components and cladding.

“Storm surge also caused massive destruction to communities along the western coast of Florida where Ian made landfall,” the estimate says.

Residential construction in the areas is mostly on slabs that provide little elevation above the ground. Several rows of beachfront homes collapsed due to storm surge and in some cases, homes were dislodged from their foundations.

Several manufactured home parks in the affected areas also saw massive damage including loss of roofs, damage to wall siding and near total destruction.

Verisk’s figure excludes any potential impacts of litigation or social inflation that could cause the total insured industry loss to exceed $US60 billion ($93 billion).

Another modeller Karen Clark & Company said privately insured losses from Hurricane Ian could be close to $US63 billion ($97 billion), with $US200 million ($309 million) in the Caribbean and the remainder from wind, storm surge and inland flood in the US.

“Hurricane Ian will be a challenging storm for insurers due to the tremendous amount of coastal flooding and the unique nature of the Florida market with respect to a likely high proportion of litigated claims,” it said.

In nominal dollars, Hurricane Ian will be the largest hurricane loss in Florida history, it says, with the total economic damage well over $US100 billion ($154 billion), including uninsured properties, damage to infrastructure, and other clean-up and recovery costs.

The Karen Clark & Company figure excludes NFIP losses and includes estimated impacts of excess litigation in Florida.