On August 28, CoreLogic held a Hurricane Harvey Command Central Webinar. Here are some highlights.
Damage from rain flooding and storm surge flooding will by far outweigh wind damage from hurricane Harvey. This catastrophe can best be described as a dramatic flood event that was incidentally a hurricane, said one of the CoreLogic experts on the panel. Nevertheless, privately insured losses from wind damage are projected to be $1.5 billion to $3 billion.
Unfortunately for Houston, Harvey is in a perfect position to cause maximum flood damage to the city. The threat has shifted to catastrophic flash flooding and riverine flooding.
Insured losses to offshore energy sector are not expected to be significant as the waves were not high enough to damage platforms.
Based on CoreLogic models, there are 378,172 properties at risk from storm surge caused by a Category 4 hurricane on the Texas coast. The reconstruction cost value of these properties is over $67 billion.