CoreLogic Estimates Hurricane Nate Property Damage Between $650 Million and $1.35 Billion
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced preliminary loss estimates for Hurricane Nate. According to the data analysis, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $650 million and $1.35 billion.* Of this, an estimated $500 million to $1 billion in insured loss is attributed to damage from wind for both residential and commercial properties.
Flood loss for residential properties from Hurricane Nate is estimated at $100 million to $200 million. This includes storm surge, inland and flash flooding in Alabama, Florida, Louisiana and Mississippi. The vast majority of flood damage from Hurricane Nate is expected to be insured because the low severity of the storm kept the flooding contained to Special Flood Hazard Areas (SFHA), which are designated by the Federal Emergency Management Agency (FEMA) and are therefore required to have flood insurance.
Of the total wind damage, an estimated $375 million to $750 million represents residential loss. Most damage from hurricane wind is typically covered by private insurers.
Insured flood loss for commercial properties is estimated at $50 million to $150 million. Data for uninsured flood loss for commercial properties was negligible. Of the total wind damage, an estimated $125 million to $250 million represents commercial loss.
|Insured Flood Loss||$100M - $200M||$50M - $150M||$150M - $350M|
|Uninsured Flood Loss||N/A||N/A|
|Insured Wind Loss||$375M - 750M||$125M - $250M||$500M - $1B|
|Total Losses||$475M - $950M||$175M - $400M||$650M - $1.35B|
Insured loss represents the amount insurers will pay to cover damage and loss.
*This total does not include residential or commercial uninsured flood loss, which was negligible.