CoreLogic pegs total insured wind & flood losses from Helene at up to $17.5bn

Catastrophe risk modeller CoreLogic has revised its estimate of total insured losses from Hurricane Helene to between $10.5 – $17.5 billion following the inclusion of losses covered by the National Flood Insurance Program (NFIP).

According to CoreLogic, insured flood loss from the NFIP and private insurance for residential and commercial properties is estimated between $6 billion and 11 billion, including re-evaluated storm surge and new estimates for inland flooding. Meanwhile, wind losses from the event are estimated to be $4.5 billion to $6.5 billion.

These insured figures, combined with an anticipated uninsured flood loss of up to $30 billion, bring CoreLogic’s final estimated damages for Hurricane Helene to between $30.5 billion and $47.5 billion.

This estimate includes damage to both buildings and their contents of residential, commercial, and industrial structures including a time element component and damage to automobiles.

CoreLogic estimates have been derived from its U.S. Inland Flood Model models and The CoreLogic North Atlantic Hurricane Model.

Jon Schneyer, Director of Catastrophe Response at CoreLogic, commented, “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. 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.”

Global insurance and reinsurance broker Aon expects industry losses from Helene to be in the higher single-digit billions of USD, with economic losses forecast to be notably higher.

Karen Clark & Company pegged privately insured losses from hurricane Helene at nearly $6.4 billion, although this excludes losses to the NFIP, which are expected to be significant and potentially high enough to trigger its catastrophe reinsurance.

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