View this article online: https://www.insurancejournal.com/news/southcentral/2020/10/08/585886.htm
CoreLogic an Irvine, Calif.-based global property information, analytics and data-enabled solutions provider, has released data analysis showing 293,685 single-family and multifamily homes across Louisiana and the U.S. Gulf Coast with a reconstruction cost value (RCV) of approximately $62.85 billion are at potential risk of storm surge damage from Hurricane Delta based on its projected Category 2 status at landfall.
CoreLogic’s estimates are based on the October 7, 5 p.m. Eastern Daylight Time (EDT) National Hurricane Center forecast.
“After battering the Yucatán Peninsula near Cancún, Mexico, Hurricane Delta is headed for the Gulf Coast just weeks after Hurricane Laura brought significant wind and storm surge damage to the Texas and Louisiana coastlines,” Curtis McDonald, meteorologist and senior product manager of CoreLogic, said in a media release. “Residents in these coastal areas are already trying to recover from their losses and are now faced with a second substantial storm. This season has been relentless, and Louisianans should be prepared for the long recovery road ahead.”
As Hurricane Delta approaches the Gulf, its path will become more certain and the metropolitan areas at risk will narrow.
The primary threats as Hurricane Delta makes landfall in central Louisiana will be storm surge and damaging winds. Heavy rainfall is also expected, but a fast storm speed is expected to limit catastrophic inland flooding.
CoreLogic catastrophe and weather experts expect the 2020 hurricane season to continue on its above-average trend given warmer oceanic temperatures, which presents financial risk to homeowners and businesses in property services, like insurers and mortgage lenders.
Source: CoreLogic