Property data and analytics provider CoreLogic included new and updated projections of storm surge and flood losses for Hurricane Ian for a final tally of between $41 billion and $70 billion in insured and uninsured flood and wind losses.
Insured losses are estimated at between $31 billion and $53 billion. CoreLogic said wind losses are estimated to be $23 billion to $35 billion, and flood losses to the National Flood Insurance Program (NFIP) and private insurance for residential and commercial properties is estimated to be between $8 billion and $18 billion.
Uninsured flood loss is estimated to be between $10 billion and $17 billion.
The analysis includes contents and business interruption but does not include broader economic loss from the storm, CoreLogic said.
The new range builds upon CoreLogic’s previously released estimate of up to $47 billion in wind and storm-surge losses from Hurricane Ian in Florida alone, and incorporates “wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties” in all states affected by the storm, CoreLogic said.
The analysis includes contents and business interruption but does not include broader economic loss from the storm, CoreLogic said.
Hurricane Ian’s Category 4-strength winds caused extensive damage along densely populated areas of the Gulf Coast. Tom Larsen, senior director of hazard and risk Management, CoreLogic, said Florida’s population has grown 50% since 1992 when Hurricane Andrew struck the opposite side of the state.
“The extra costs incurred from the surge in repair needs simultaneous with a fragile economy are headwinds to rapid reconstruction and we should expect to see resident displacement and housing affordability issues in the state for some time to come,” Larson said.
According to CoreLogic, more than 66,000 pending mortgage applications worth nearly $22.5 billion are currently in progress in Florida, North Carolina and South Carolina and are in jeopardy from Hurricane Ian damages.
The firm added that inland flooding was “extreme” along the Peace River in Arcadia, Florida but this area is designated a Special Flood Hazard Area (SFHA) by the Federal Emergency Management Agency so housing is sparce.
“In many areas the flood extent approximates the SFHA boundaries, a clear indication that SFHA is a useful tool for city planners who wish to understand flood risk and mitigate flood damages,” said Larsen. “Without constraints in development in the SFHA, flood damages would have skyrocketed.”
Photo: Flooded streets in Fort Myers, Fla., following Hurricane Ian. (Joe Raedle/Getty Images)
Other loss estimates from Hurricane Ian:
KCC Estimates Near $63B in Hurricane Ian Insured Losses
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