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 19 September 2017

Estimates Property Damage From Hurricane Irma Between $42.5 Billion And $65 Billion With Approximately 80 Percent Of Estimated Flood Damage Uninsured

from CoreLogic

For Hurricane Irma, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $42.5 billion and $65 billion.* Of this, an estimated $13.5 billion to $19 billion in insured loss is attributed to damage from wind for both residential and commercial properties.

Residential Loss

Flood loss for residential properties from Hurricane Irma is estimated at $25 billion to $38 billion. This includes storm surge, inland and flash flooding in Florida, Alabama, Georgia, North Carolina and South Carolina. Of this flood total, insured residential flood loss is estimated at $5 billion to $8 billion and uninsured residential flood loss is estimated at $20 billion to $30 billion. As a result, an estimated 80 percent of flood damage to residential properties from Hurricane Irma is not covered by any flood insurance.

Of the total wind damage, an estimated $11 billion to $15 billion represents residential loss. Most damage from hurricane wind is typically covered by private insurers.

Commercial Loss

Insured flood loss for commercial properties is estimated at $4 billion to $8 billion. Data for uninsured flood loss for commercial properties, which could equal or exceed insured loss estimates, is unavailable.

Of the total wind damage, an estimated $2.5 billion to $4 billion represents commercial loss.

Data Highlights:

  • Insured residential flood loss covered by the National Flood Insurance Program (NFIP) is estimated at $5 billion to $8 billion, representing one quarter of damaged homes.
    • This includes inland, flash and storm surge flooding.
    • More than 98 percent of residential flood insurance in the U.S. is provided through the NFIP.
  • Uninsured residential flood loss is estimated at $20 billion to $30 billion, representing 80 percent of damaged homes.
  • Insured commercial flood loss is estimated at $4 billion to $8 billion, the majority of which is covered by private insurers with a small percentage covered by NFIP.
  • Insured residential loss from wind damage is estimated at $11 billion to $15 billion.
  • Insured commercial loss from wind damage is estimated at $2.5 billion to $4 billion.

CoreLogic Hurricane Irma Loss Estimates

ResidentialCommercialTotal

Insured Flood Loss

$5 B - $8 B

$4 B - $8 B

$29 B - $46 B

Uninsured Flood Loss

$20 B - $30 B

N/A

Insured Wind Loss

$11 B - $15 B

$2.5 B - $4 B

$13.5 B - $19 B

Total Losses

$42.5 B - $65 B

Source: CoreLogic 2017

Insured loss represents the amount insurers will pay to cover damage and loss.

*This total does not include commercial uninsured flood loss.

>>>>> 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.







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