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The latest total insured loss estimate from Hurricane Helene are projected to be between $10.5 to $17.5 billion, according to CoreLogic, with total economic losses reaching a staggering $30.5 billion to $47.5 billion. The insured loss estimate includes public and private insured losses from wind and flood, while the total economic losses include wind loss as well as insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 states, states CoreLogic.
These numbers would make Hurricane Helene one of the top 10 costliest hurricanes for insurers in the U.S., according to the Insurance Information Institute (Triple-I). The list is currently topped by Hurricane Katrina at $65 billion in total insured losses, followed by Hurricane Ian with $54 billion; Hurricane Ida with $36 billion; Hurricanes Sandy, Harvey, and Irma with $30 billion; Hurricane Maria with $29.5 billion; Hurricane Andrew with $16 billion; Hurricane Ike with 18.2 billion; and Hurricane Wilma with 10.7 billion.
Losses Broken Down
Insured flood loss from the National Flood Insurance Program (NFIP) and private insurance for residential and commercial properties is estimated to be between $6 billion and $11 billion, which includes both re-evaluated storm surge and new estimates for inland flooding.” Meanwhile, wind losses are estimated to be $4.5 billion to $6.5 billion, and uninsured flood loss is estimated to be between $20 billion and $30 billion.
Jon Schneyer, Director of Catastrophe Response at CoreLogic, states, “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,” he explains. “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.”
CLM reported in a previous article that Karen Clark Company (KCC) released that insured loss estimates would reach closer to $6.4 billion, while Gallagher Re reported the losses would hit between $3 billion to $6 billion. Likewise, CoreLogic’s initial insured damages estimate was $3-$5 billion, and the company states that its latest estimate will be the final one for Hurricane Helene.