Hurricane Irma will not be the most expensive storm ever as some had previously feared, but it will be in the top-5, according to JPMorgan analyst Sarah DeWitt. 

"We think Hurricane Irma could be a top 5 most costly hurricane in the U.S, although the losses could be in-line-to-lower than market expectations," DeWitt wrote in a note on Monday. 

Software company AIR Worldwide estimated that that insured losses from Hurricane Irma would range between $20 billion and $60 billion including the Caribbean, with U.S. insured losses ranging between $20 billion to $40 billion.

Hurricanes Katrina, Andrew, Sandy, Ike and Wilma are currently the top-5 costliest storms in U.S. history. 

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