(CNBC) — Although there is a sense of relief in the markets on Monday as the damage caused by Hurricane Irma will likely not be as bad as feared, the storm will still rank among the costliest in history, according to one top Wall Street firm.

“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,” JPMorgan analyst Sarah DeWitt wrote in a note to clients Monday.

DeWitt cited how risk modeling software company Air Worldwide estimated Hurricane Irma will cause insured losses in the range of $20 billion to $65 billion including the Caribbean with a $15 billion to $50 billion loss range for the U.S., before the storm landed in Florida.

Note: Read our discussion guidelines before commenting.