Reinsurance News

CoreLogic raises top-end of Hurricane Michael loss estimate to $5bn

15th October 2018 - Author: Charlie Wood

Catastrophe risk modelling firm CoreLogic has raised its insured loss estimate for Hurricane Michael to between $3 billion and $5 billion.

corelogic-logoThe modelling firm had stated last week that it expected between $2 billion and $4.5 billion insured losses from Michael.

According to the new data analysis, wind losses for residential and commercial properties in Florida are now expected to be between $2 billion and $3 billion and the storm surge losses, including losses covered by National Flood Insurance Program (NFIP), are expected to be an additional $0.5 billion to $1 billion.

At this time, CoreLogic says it is unlikely that inland flooding will be a major contributor to loss totals, but that it will continue to evaluate this as the storm unfolds.

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

Hurricane Michael made landfall near Mexico Beach, Florida with sustained wind speeds of up to 155mph before tracking northeast into Georgia as a Category 3 storm, the strongest to ever hit the southern part of the state.

At just 2mph shy of a Category 5 hurricane, Michael is also the strongest hurricane to hit the Florida Panhandle since 1900 and the strongest to make landfall in the U.S since Andrew in 1992, CoreLogic said.

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