CoreLogic Estimates Barry Flood, Wind Losses at $500M to $900M

The total cost of losses from damage caused by Hurricane Barry will likely fall between $500 million and $900 million, Irvine, California-based property information and data analytics provider CoreLogic says.

CoreLogic estimates Barry-related flood loss for residential and commercial properties in Louisiana will come in at between $200 million and $400 million, which includes both storm surge and inland flooding.

Insured flood loss from private insurers is estimated at less than $100 million.

Wind losses are estimated to be an additional $300 million to $500 million.

In total, insured flood and wind losses, excluding National Flood Insurance Program (NFIP) losses, are between $300 million and $600 million.

Insured residential and commercial flood loss covered by the NFIP is estimated to be between $100 million and $200 million. Uninsured flood loss is estimated to be approximately $100 million.

In Louisiana, approximately 500,000 total residential and commercial property policies are in force through the NFIP. Insured loss represents the amount insurers will pay to cover damages.

Unlike wind loss, which is covered by a standard homeowners policy, for residential properties flood is a separate coverage which is not mandatory outside the designated Special Flood Hazard Areas (SFHAs).

This analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm.

Barry made landfall along Louisiana’s central Gulf Coast on July 13 as a Category 1 hurricane and quickly weakened to a tropical storm. The inland flood analysis is based on the rainfall for 72 hours ending on July 15, and thus excludes the rainfall from a separate weather system in the days leading up to Hurricane Barry’s landfall.

Source: Insurancejournal.com

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