CoreLogic: Hurricane Barry projected damage between $500M and $900M

CoreLogic: Hurricane Barry projected damage between $500M and $900M | Insurance Business

CoreLogic: Hurricane Barry projected damage between $500M and $900M

CoreLogic has released its estimates for residential and commercial flood and wind losses resulting from Hurricane Barry – and the figures are sobering.

According to the analytics firm’s data analysis, flood loss for residential and commercial properties in Louisiana is estimated to be between $200 million and $400 million, including both storm surge and inland flooding. Insured losses from private insurance companies are projected at less than $100 million. Wind losses are estimated to be around $300 million to $500 million.

In total, insured flood and wind losses (excluding National Flood Insurance Program losses) are between $300 million and $600 million, CoreLogic said in its release.

In terms of the NFIP, insured residential and commercial flood loss covered by the program is estimated to range from $100 million to $200 million. Approximately 500,000 total residential and commercial property policies are in force in Louisiana through the NFIP, the report found.

Uninsured flood loss is projected to be about $100 million. The data analysis makes special mention that less than 20% of residential flood loss in Louisiana resulting from Hurricane Barry is uninsured.

CoreLogic noted that unlike wind loss, which is covered by a standard homeowners’ policy, flood is a separate coverage for residential properties that is not considered mandatory outside designated Special Flood Hazard Areas (SFHAs).