posted on 08 October 2016
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
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
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.
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.
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