Revealed – estimated storm surge and wind loss from Hurricane Helene

Revealed – estimated storm surge and wind loss from Hurricane Helene | Insurance Business America

Catastrophe & Flood

Revealed – estimated storm surge and wind loss from Hurricane Helene

Inland flood loss estimate to be released following the storm’s passage

Catastrophe & Flood

By
Terry Gangcuangco

CoreLogic has released a preliminary estimate of the wind and storm surge damage caused by Hurricane Helene to residential and commercial properties in Florida and Georgia.

According to CoreLogic’s initial analysis, insured losses from wind and storm surge could range between $3 billion and $5 billion. The approximation does not account for inland flooding from precipitation, which will be included in updated assessments after the storm’s passage.

The current loss estimate spans damage to buildings, contents, and business interruption affecting residential, commercial, industrial, and agricultural properties. The figure excludes losses covered by the National Flood Insurance Program and damage to offshore properties.

Tom Larsen (pictured), CoreLogic’s associate vice president of hazard and risk management, noted: “Hurricane Helene made landfall near Perry, Florida, an area that has less robust home construction standards than south Florida, which is accustomed to large landfalling hurricanes every couple of years.

Larsen further explained the broader scope of the damage: “We anticipate the damaging effects of Helene will be deep inland with a large contribution of loss concentrated in the state of Georgia. We can look to Hurricanes Francis and Jeanne (Florida, 2004) and Superstorm Sandy (New York, 2012) as examples.”

He highlighted how the abovementioned storms impacted large swaths of residents with winds of tropical storm and hurricane strength, triggering widespread damage.

Helene, the eighth named storm in the 2024 Atlantic hurricane season, made landfall as a Category 4 hurricane late Thursday night in the Big Bend region of Florida. It is now the most powerful storm to ever hit the area, with wind speeds reaching 140 mph and storm surges peaking at 20 feet.

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