Insured Hurricane Losses in Jamaica Seen as High as $4.2 Billion

The insured costs of Hurricane Melissa’s damages to onshore property in Jamaica now range between $2.2 billion and $4.2 billion, according to data firm Verisk Analytics Inc.

Wind is responsible for most of the modeled losses, along with floods caused by rain, Verisk said in a statement Monday.

Hurricane Melissa will likely cost Jamaica’s residents much more money. Less than 20% of the Caribbean island’s residential properties are insured, with a significant share lacking sufficient insurance, according to Verisk.

Melissa hit last week as a Category 5 hurricane, with winds of 185 miles per hour (298 kilometers per hour), ...