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Tropical Storm Idalia Weakens as it Moves Into the Carolinas

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4.4

Andrew R. Michaud

• August 31, 2023

Tropical Storm Idalia has downgraded from a major hurricane to a tropical storm as it continues to traverse South Carolina and North Carolina. The storm initially made landfall in Florida, causing significant damage and leaving more than 300,000 customers without power across multiple states.

According to PowerOutage.us, Florida, Georgia, South Carolina, and North Carolina are still experiencing power outages, leaving thousands of people without electricity. Moreover, the National Hurricane Center has issued a warning about the potential for life-threatening flash flooding in southeastern North Carolina.

Estimated Insured Losses Lower Than Anticipated

Preliminary estimates from RMS, a catastrophe risk modeling firm under Moody's, suggest that the average insured losses caused by Idalia will amount to approximately $9.4 billion. However, insurance broker BMS Group believes that industry insured losses will range between $3 billion and $6 billion, with losses likely to be closer to the lower end of that spectrum. This is good news compared to initial fears that the storm would cause devastating damage.

The lower population density in the region where Idalia made landfall compared to the previous year's Hurricane Ian indicates that the losses from this storm will be significantly less than the $112 billion in damages caused by Ian.

Recovery Efforts Begin at Tampa International Airport

Tampa International Airport has announced that it will resume full operations on Thursday. The airport managed to avoid severe damage during the storm, allowing for a quicker recovery process.

Air Travel Disruptions Subside

Flight disruptions due to Idalia are starting to ease up. Yesterday, nearly 5,000 flights were delayed and 1,100 were canceled. However, as of 6:30 a.m. Eastern time today, only 153 flights within, into, or out of the U.S. have been canceled. Major U.S. airlines have canceled less than 2% of their flights during this period.