CoreLogic: Final Estimated Damages for Hurricane Helene to be Between $30.5 Billion and $47.5 Billion
October 04 2024 - 8:33PM
Business Wire
Total insured loss estimated at $10.5 to $17.5
billion
CoreLogic®, a leading global property information, analytics and
data-enabled solutions provider, announced its updated and final
damage estimates for Hurricane Helene.
According to this new and final data analysis, total flood and
wind losses are between $30.5 billion and $47.5 billion. This
estimate includes wind loss as well as insured and uninsured storm
surge and inland flood loss for residential and commercial
properties across 16 states. See Table 1 below for a detailed
breakdown of peril loss estimates.
- Insured flood loss from the National Flood Insurance Program
(NFIP) and private insurance for residential and commercial
properties is estimated to be between $6 billion and $11 billion,
which includes both re-evaluated storm surge and new estimates for
inland flooding.
- Wind losses are estimated to be $4.5 billion to $6.5
billion.
- Uninsured flood loss is estimated to be 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. The fact that so much damage was concentrated
outside the Special Flood Hazard Areas (SFHAs) makes it challenging
to realize the full extent of impact to uninsured homeowners,”
explains Jon Schneyer, Director of Catastrophe Response at
CoreLogic. “Thankfully FEMA's NFIP is expected to provide up to
$6.5 billion of insurance for the recovery efforts, which will help
bring much needed recovery aid to the affected areas."
Table 1: Hurricane Helene Insured and
Uninsured Wind and Flood Losses
Peril
Industry Loss (in billions)
Wind
$4.5 - $6.5
Flood1
$6.0 - $11.0
Private Insured
$1.5 - $4.5
NFIP
$4.5 - $6.5
Total Insured Wind and
Flood
$10.5 - $17.5
Uninsured Flood
$20.0 - $30.0
Total Wind and Flood (insured
+ uninsured):
$30.5 - $47.5
1 Losses paid by private insurers and the NFIP for recovery.
Includes both inland flood and storm surge. Source: CoreLogic,
2024
More Information on Damage Estimates
Insured loss represents the amount insurers and NFIP will pay to
cover damages. Unlike wind damage, which is covered by a standard
homeowners policy, flood is a separate coverage which is not
mandatory outside the designated SFHAs.
The analysis includes damage to both buildings and their
contents of residential, commercial, and industrial structures
including a time element component and does not include broader
economic loss from the storm. The losses also include damage to
automobiles. Damage to personal marine craft, offshore
infrastructure, governmental structures, and infrastructure (like
roads and bridges) are excluded.
Visit the CoreLogic Hazard HQ Command Central™ to get more
details about the storm characteristics and data insights for
Hurricane Helene.
Methodology
The U.S. Inland Flood Model models all sources of
precipitation-driven flooding including riverine, stream,
off-plain, and flash flooding. It delivers a comprehensive analytic
view of the risk, utilizing widespread coverage of hydrologic and
hydraulic data that reflects regional flooding and drainage
patterns. As flood risk evolves due to urbanization and change in
baseline stream and sea levels, the flood risk methodology from
CoreLogic is designed to stay abreast of the latest flood risk data
and research, ensuring continuity of risk insights into the
future.
The CoreLogic North Atlantic Hurricane Model includes improved
location risk and estimation through its robust stochastic event
set, high-resolution hazard modeling, component-level
vulnerability, and usage of PxPoint™, the structure- and
parcel-level geocoding engine. With detailed and rigorously
validated model outputs, the model provides the ability to
calculate damage contributions from wind and storm surge, providing
a transparent way of looking at loss as well as to obtain a better
understanding of capital adequacy for the separate or combined
perils of hurricane winds and coastal storm surge flooding. The
model offers a complete view of the risk for all perils and
sub-perils. The North Atlantic Hurricane Model is updated
biennially and has been certified by the Florida Commission on
Hurricane Loss Projection Methodology (FCHLPM) since the inception
of the process in 1997.
Source: CoreLogic
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For questions, analysis or interpretation of the data, contact
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About CoreLogic
CoreLogic is a leading provider of property insights and
innovative solutions, working to transform the property industry by
putting people first. Using its network, scale, connectivity and
technology, CoreLogic delivers faster, smarter, more human-centered
experiences, that build better relationships, strengthen
businesses, and ultimately create a more resilient society. For
more information, please visit www.corelogic.com.
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