CoreLogic pegs hurricane Helene insured wind and storm surge losses at up to $5bn

Insurance industry wind and storm surge losses from the impacts of hurricane Helene, the most powerful storm to hit the Big Bind region of Florida, have been estimated at between $3 billion and $5 billion by catastrophe risk modeller, CoreLogic.

Hurricane Helene made landfall in the Big Bend region of Florida shortly after 11pm local time on Thursday Sep 26th as a powerful Category 4 storm.

The firm’s initial estimate for insured losses includes damage to buildings, contents, and business interruption for residential, commercial, industrial, and agricultural property.

The flood component of the up to $5 billion estimate excludes precipitation-induced inland flooding and losses to the National Flood Insurance Program (NFIP), and the range also excludes any damage to offshore property.

CoreLogic expects losses from Helene to be split roughly evenly between Florida and Georgia. Helene made landfall near Perry, Florida, which CoreLogic says has some of the least stringent wind resistance design standards, which is likely contributing to losses.

Storm surge was forecast up to 20ft between the Aucilla River and Chassahowitzka River at the time of landfall, with Tampa Bay forecast to see surge of up to 8ft. The impacts of Helene, a very large Category 4 storm at landfall, were expected to be felt far from the landfall site, with the coasts of Georgia and South Carolina warned of potential storm surge of up to 3ft.

“Hurricane Helene made landfall near Perry Florida, an area that has less robust home construction standards than south Florida, which is accustomed to large landfalling hurricanes every couple of years. We expect a great deal of atypical damages in Florida’s Big Bend region due to this area’s inexperience enduring intense hurricanes,” said Tom Larsen, associate vice president of hazard and risk management at CoreLogic.

“We anticipate the damaging effects of Helene will be deep inland with a large contribution of loss concentrated in the state of Georgia. We can look to Hurricanes Francis and Jeanne (Florida, 2004) and Superstorm Sandy (New York, 2012) as examples. These storms affected large swaths of residents with tropical storm- and hurricane-force winds and triggered widespread losses,” added Larsen.

Mainstream media reports that more than 90 people have lost their lives from Helene, as devastating floods and winds battered the Southeast.

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