CoreLogic: Insured Loss (including flood) approaches $10B

CoreLogic released new estimates for losses from Hurricane Harvey:

  • NFIP insured losses – between $6 billion and $9 billion. This implies losses will hit the private reinsurance layer ($4 billion excess $4 billion, of which reinsurers bear about 26 percent).
  • Private flood insurance losses: less than $0.5 billion.
  • Uninsured flood loss: between $18 billion and $27 billion.
  • Insured wind loss: $1 billion to $2 billion.

Insured loss for Texas and Louisiana is between $7.5 billon and $11.5 billion, according to their estimates. This excludes commercial, loss of business and other, broader economic losses, according to the CoreLogic press release.

An estimated 70 percent of flood damage from Hurricane Harvey is not covered by any insurance.

 

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