CoreLogic Increases Total Insured Loss Estimate From Hurricane Helene to $10.5B-$17.5B

Total insured loss from Hurricane Helene is now estimated at between $10.5 billion and $17.5 billion—a figure that continues to grow as more damages are assessed, pushing catastrophe modelers to continually revise estimates upward.

The estimate out from CoreLogic on Friday is up significantly from the modeler’s earlier estimate of $3 billion to $6 billion in insured losses as the storm was about to strike. An advisory from Gallagher Re at the same time put potential loss estimates in the $3 billion to $6 billion range.

Karen Clark & Co., a storm modeling and analytics firm, earlier this week estimated privately insured losses from Hurricane Helene will be about $6.4 billion from wind, storm surge and inland flooding in nine states.

CoreLogic’s estimate includes wind loss as well as insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 states.

CoreLogic estimates total flood and wind losses at between $30.5 billion and $47.5 billion.

AccuWeather, which increased its estimate of the total damage and economic loss from Hurricane Helene in the U.S. this week, now says losses are likely to be between $225 billion and $250 billion. That was the third estimate increase from the weather service. Less than a week ago, AccuWeather increased its estimate of the total damage and economic loss from Hurricane Helene to between $145 billion and $160 billion.

“The aftermath of Hurricane Helene highlighted the importance of insurance, especially for damage from flood, across both coastal states and those located further inland where hurricane and flood risk may be perceived to be lower,” an update from CoreLogic’s Hazard HQ Command Central states. “The Category 4 hurricane brought damaging winds and record-setting storm surge tides to the Florida coast.”

Despite the storm making landfall near in the Big Bend region of Florida, storm surge flooding damaged property up the entire gulf coast of the state. Nearer to landfall, hurricane-force winds over 90 mph damaged homes in Perry, Florida and into Georgia in Valdosta,” according to CoreLogic.

“Even far from the coast, heavy and continuous rain fell over an enormous part of the southeastern U.S. with notable losses in western North Carolina, South Carolina, and Georgia causing entire towns to flood,” the update states.

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