(Bloomberg) Hurricane Katrina, the second named storm to hit Florida this year, may cost insurers in southern Florida as much as $600 million, a storm modeller said.

Katrina came ashore between Hallandale and Miami Beaches on Thursday as a Category 1 hurricane, the lowest on the five-tier Saffir-Simpson scale of intensity. It?s likely to produce higher- than-average losses for a Category 1 because of the area?s population and affluence, modeller AIR Worldwide said in a statement.

?The high density and value of properties in Miami-Dade County contributes to a higher estimate of insured loss than one would expect,? said Jayanta Guin, vice president of research and modelling at AIR Worldwide, which uses computers to gauge losses. ?We are not likely to see much structural damage, but we expect damage to roof shingles, cladding and other non-structural components.?

The estimate doesn?t account for damage that may be done if Katrina strikes the state?s Panhandle after crossing the Gulf of Mexico. Hurricane Dennis hit Florida?s Panhandle in July and probably produced $900 million in claims, according to Insurance Services Office Inc., which surveys insurers about claims.