Caribbean Offshore Financial Centers Hit Hard By Hurricane Irma

Hurricane Irma has caused more than $10bn in damage across the Caribbean offshore financial centers this week according to disaster risk experts on Friday.

Airports are closed and cruise ships have canceled voyages. St Kitts and Puerto Rico, have also faced extreme weather, however not as badly affected as the rest of the region

Hurricane Irma is the second major storm to strike this season, financial analysts have estimated losses of $150m in damage on the island of Barbuda.

An estimated 1.2m people in the Caribbean by Hurricane Irma have been affected. The $10bn estimated loss in the Caribbean does not factor in the Dominican Republic and Cuba, which were hit by the hurricane later on.

A man walks by the waterfront as Hurricane Irma makes its entry into Samana, Dominican Republic, Thursday, Sept. 7, 2017. (AP Photo/Tatiana Fernandez)

2017 is turning out to be less costly for insurance companies due to a combination of the storms experienced.

Families in Florida have stocked up on petrol in advance of Irma. Authorities in Florida have received thousands of reports of price inflation on petrol and water. Airlines have pledged to cap prices on evacuation flights.

Analysts predict airlines may experience prolonged challenges, depending on the scale of the damage expected by Hurricane Irma in the Caribbean and Florida.

Traffic in the Florida Keys before Hurricane Irma hits.
Photo Credit: Wired

An estimated decrease of 2% of tourist visits to the Caribbean after experiencing a hurricane and up to 20% for disasters. According to WTO Tourism has contributed 15% of the regions GDP in 2016.

The US, UK, France and the Netherlands are providing help to affected areas.

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