Hurricane Matthew in 2016 caused total overall economic losses estimated to be as high as $15 billion, with insured losses estimated at $4.5 billion. The vast majority of these losses were incurred in the United States, where economic losses exceeded $10 billion. The private insurance industry and the National Flood Insurance Program (NFIP) paid out nearly $4 billion in claims. Haiti, the Bahamas, Canada and Cuba also sustained heavy economic damage from the cycle.