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posted on 25 August 2017

Between $1 Billion And $2 Billion In Estimated Insured Property Loss From Hurricane Harvey

from CoreLogic

CoreLogic has conducted an analysis which shows that insured property losses for both residential and commercial properties from Hurricane Harvey are estimated to be between $1 billion and $2 billion from wind and storm surge damage. This does not include insured losses related to additional flooding, business interruption or contents since rainfall is projected to last for several days. Of this total, approximately 95 percent of the insurance claims are expected to be related to wind and less than 5 percent is expected to be related to storm surge. Hurricane Harvey is expected to make landfall near Corpus Christi, with relatively low exposure to Houston and other large metro areas.

The table below shows the insured property loss estimates for Hurricane Harvey compared with previous storms, including Hurricanes Celia and Ike. Because Hurricane Celia was a stronger storm (category 4) and Hurricane Ike made landfall near a larger metro area (Houston), they both resulted in greater losses than the current estimates for Hurricane Harvey.

Insured Property Loss Estimates for Hurricanes Harvey, Celia and Ike Harvey

Harvey (2017)

Celia (1970)

Ike (2008)

Total (In billions of dollars)

1-2

3

11

Storm Surge (Percent of total insured losses)

Less than 5%

Less than 5%

Less than 5%

Wind (Percent of total insured losses)

More than 95%

More than 95%

More than 95%

Hurricane Harvey

Methodology

The CoreLogic North Atlantic Hurricane Model was used to create wind and storm surge damage footprints for Hurricane Harvey using the track forecast data from the August 25, 10:00 am CT 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 Harvey 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/corelogic-analysis-shows-between-$1-billion-and-$2-billion-in-estimated-insured-property-loss-from-hurricane-harvey.aspx

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