econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 08 October 2016

Between $4 Billion And $6 Billion In Insured Property Loss From Hurricane Matthew

from CoreLogic

Insured property losses for both residential and commercial properties from Hurricane Matthew are estimated to be between $4 billion and $6 billion from wind and storm surge damage. This does not include insured losses related to additional flooding, business interruption or contents. Of this $4-6 billion, 90 percent of the insurance claims are expected to be related to wind and 10 percent is expected to be related to storm surge.

Figure 1 shows the insured property loss estimates for Hurricane Matthew compared with previous storms, including Hurricanes Katrina, Sandy, Floyd and David. As the data indicates, the insured loss estimate from Hurricane Matthew is well above Hurricanes Floyd and David, but well below Hurricanes Katrina and Sandy.

Figure 1: Insured Property Loss Estimates for Hurricanes Matthew, Sandy, Katrina, David and Floyd

Matthew

(2016)

Katrina

(2005)

Sandy

(2012)

Floyd

(1999)

David

(1979)

Total

(In billions of dollars)

4-635-4015-2032
Storm Surge (Percent of total insured losses)10%70%60%5%1%
Wind

(Percent of total insured losses)

90%30%40%95%99%

In addition, CoreLogic estimates about 1.5 million residential and commercial properties are expected to be impacted from wind and storm surge from Hurricane Matthew. The fact that structures in the region are comprised primarily of masonry, wood and veneers, coupled with the stringent Florida building codes, helps reduce total insured property losses compared with other memorable storms.

Figure 2 shows the estimated insured property loss estimates by county in Florida, Georgia and South Carolina.

Figure 2: Hurricane Matthew Loss Contribution by County in Florida, Georgia and South Carolina

Figure 2: Hurricane Matthew Loss Contribution by County in Florida, Georgia and South Carolina

For more information on CoreLogic storm surge methodology, data and analysis, download a copy of the more in-depth 2016 CoreLogic Storm Surge report at http://www.corelogic.com/landing-pages/2016-corelogic-storm-surge-risk-report.aspx.

Methodology

The CoreLogic North Atlantic Hurricane Model was used to create wind and storm surge damage footprints for Hurricane Matthew using the track forecast data from the October 6, 5:00 pm EDT advisory issued by the National Hurricane Center. The insured loss data was analyzed in the North Atlantic Hurricane Model to ascertain the expected loss range from the Hurricane Matthew event footprint in the model. The model provides a granular, up-to-date, detailed risk assessment for the combined perils of hurricane winds and coastal storm surge flooding. The model has been certified by the Florida Commission Hurricane Loss Projection Methodology (FCHLPM) since the inception of the process in 1997.

Source

http://www.corelogic.com/about-us/news/media-advisory-corelogic-analysis-shows-insured-property-loss-from-hurricane-matthew.aspx

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Contributors


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Why Long-Run Theories of Profit and Accumulation Fall Short
Brexit - Who Wins and Loses
News Blog
Macron And Le Pen To Face Off For French Presidency - But She Won't Be Pleased With First Round Result
Best Selling Hard Soda Brands In The U.S.
What We Read Today 25 April 2017
April 2017 Chemical Activity Barometer Suggests Continued Growth Through 2017
Final April 2017 Michigan Consumer Sentiment Slips but Remains Strong
Richmond Fed Manufacturing Survey Again Improves In April 2017.
March 2017 Headline New Home Sales Improve and Above Expectations
Case-Shiller 20 City Home Price Index February 2017 Shows 5.9 % Year-over-Year Growth
Infographic Of The Day: Comparison Of Population Density
Early Headlines: Asia Stocks, Dollar, And Oil All Up, Gold Down, China Stocks Diverge, Bankrupt Retail, Courtiers To Palace Wed., US Starts Trade War With Canada Over Lumber, And More
April 24, 2017 Weather and Climate Report - All Too Normal!
The Countries With The Fastest Internet
CO2 Levels And Global Warming
Investing Blog
Investing.com Technical Summary 24 April 2017
Irrational Exuberance From France
Opinion Blog
The Euro Is Stronger Than You Think
Reducing Inequality Could Be A Matter Of Survival
Precious Metals Blog
Three Gold Plays For The New Era Of Chaos
Live Markets
25Apr2017 Market Close: Nasdaq Pushes Above 6,000; Dow Broke 21k Before Pulling Back; Dollar And Gold Slide While Oil Advances
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved