CoreLogic: Hurricane Nate Property Damage Could Top $1B

Hurricane Nate preliminary loss estimates are estimated to be between $650 million and $1.35 billion, according to CoreLogic. The loss estimates were calculated based on data analysis, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, the company said in statement. This total does not include residential or commercial uninsured flood loss, which was negligible.

Of those loss estimates, an estimated $500 million to $1 billion in insured loss is attributed to damage from wind for both residential and commercial properties, CoreLogic said.

Residential Loss

CoreLogic estimates flood loss for residential properties from Hurricane Nate will be between $100 million to $200 million. This includes storm surge, inland and flash flooding in Alabama, Florida, Louisiana and Mississippi. The vast majority of flood damage from Hurricane Nate is expected to be insured because the low severity of the storm kept the flooding contained to Special Flood Hazard Areas (SFHA), which are designated by the Federal Emergency Management Agency (FEMA) and are therefore required to have flood insurance.

Of the total wind damage, CoreLogic said an estimated $375 million to $750 million represents residential loss. Most damage from hurricane wind is typically covered by private insurers.

Commercial Loss

CoreLogic estimates insured flood loss for commercial properties will be between $50 million to $150 million. Data for uninsured flood loss for commercial properties was negligible.

Of the total wind damage, an estimated $125 million to $250 million represents commercial loss.

Source: CoreLogic 2017

Topics Catastrophe Natural Disasters Profit Loss Flood Property Hurricane