Verisk Says Helene’s Insured Losses Could Reach $11 Billion

Catastrophe modeler Verisk predicted wind, storm surge and flooding from last month’s Hurricane Helene will cause insured losses of between $6 billion and $11 billion.

The estimate does not include losses to the National Flood Insurance Program (NFIP), Verisk added.

Helene was the strongest hurricane ever to make landfall in Florida’s Big Bend region, said Verisk’s Extreme Event Solutions group. The Category 4 hurricane with sustained winds of 140 mph affected Florida’s Gulf Coast before its winds battered Georgia following landfall in Taylor County, Florida.

Related: Modeler KCC Puts Privately Insured Losses at $6.4B From Helene

“Substantial tree induced damage was observed from Valdosta up to Augusta and Savannah [Georgia],” reported Verisk. “As a result of tree damage, water ingress and debris induced damages were observed across the eastern portion of the state. Wind damage to cladding, roof cover and attached structures was also widely observed and reported.”

Record rainfall fell over three days over southern Appalachia and in particular western North Carolina. Asheville received nearly 14 inches of rain. Verisk said the “wide majority” of damage in community in North and SOuth Carolina was related to hurricane precipitation induced flooding.

Verisk’s loss estimate also does not include the effect of litigation or social inflation, inland and ocean marine, infrastructure damage, or loss adjustment expenses.

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