Hurricane Florence Wind and Storm Surge Could Cause Between $3 Billion and $5 Billion in Estimated Insured Property Loss, CoreLogic Analysis Shows
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CoreLogic Combined Residential and Commercial Loss from Hurricane Florence (Graphic: Business Wire)
The following numbers have been refined based on the
The table above shows the estimates for commercial and residential insured property losses by state in
The number of residential properties indicated in the table above does not consider inland flooding. As
The table above shows the insured property loss estimates for past storms in the Carolinas if the events were to occur today with the current property exposure. These storms are not the same as Hurricane Florence; they have different track trajectories and landfalls. However, like Hurricane Florence, these storms were also Category 2 storms at landfall. These events are comparable to
For major Gulf and
Methodology
The CoreLogic North American Hurricane Model includes advanced location risk and estimation through its robust stochastic event set, high-resolution hazard modeling, component-level vulnerability, and usage of PxPoint™, the parcel-level geocoding engine. The model provides the ability to calculate damage and loss contributions from storm surge, providing a transparent way of looking at loss as well as to obtain a better understanding of capital adequacy for the separate or combined perils of hurricane winds and coastal storm surge flooding. The model offers a complete view of the risk for all perils and sub-perils. The North Atlantic Hurricane Model is updated biennially and has been certified by the
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