Hurricane Helene: updated damage estimate released

Hurricane Helene: updated damage estimate released | Insurance Business America

Catastrophe & Flood

Hurricane Helene: updated damage estimate released

Uninsured loss also identified

Catastrophe & Flood

By
Terry Gangcuangco

CoreLogic, which initially pegged the wind and storm surge damage from Hurricane Helene at between $3 billion and $5 billion, has released an updated approximation that includes inland flood loss.

The company’s latest analysis reveals that total losses from both wind and flooding range between $30.5 billion and $47.5 billion. This figure covers damage to residential and commercial properties across 16 states, accounting for wind damage as well as insured and uninsured losses from storm surge and inland flooding.

A breakdown of the estimates includes between $6 billion and $11 billion in flood losses covered by the National Flood Insurance Program (NFIP) and private insurers for residential and commercial properties; wind damage losses of $4.5 billion to $6.5 billion; and uninsured flood losses, which represent a significant portion of the total, worth somewhere between $20 billion and $30 billion.

“When intense storm surge and flooding events, like Hurricane Helene, reach regions that are infrequently affected by natural hazards, we can expect to see damage to homes without flood insurance coverage,” said Jon Schneyer (pictured), CoreLogic’s director of catastrophe response.

“The fact that so much damage was concentrated outside the Special Flood Hazard Areas makes it challenging to realize the full extent of impact to uninsured homeowners.”

Schneyer also highlighted the critical role of the NFIP in the recovery process, noting that the program is expected to provide up to $6.5 billion in flood insurance payouts, which will be vital in supporting the recovery of impacted areas.

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