Hurricane Laura insured losses estimated at up to $12bn: CoreLogic

Insured losses from Hurricane Laura wind and storm surge are estimated to be in the range of $8 billion to $12 billion, according to property data analytics provider CoreLogic.

Laura is the most intense hurricane to make landfall in the northwestern Gulf Coast since 1856.

Wind and storm surge are likely to be the primary causes of property loss in Louisiana and Texas, while tornado activity could occur as the storm progresses, according to CoreLogic's latest post-landfall estimates. The analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm.

CoreLogic stated that natural disasters cause a spike in home mortgage delinquencies, which suggests Hurricane Laura will add to the economic hardship families are already experiencing during the

Hurricane Laura weakened as it moved over land, which safeguarded some metropolitan areas from the full impact of a landfalling Category 4 hurricane.

“There is never a good place for a hurricane to make landfall. But this was the best possible outcome because it spared the major population centers of Houston and New Orleans," said Curtis McDonald, meteorologist and senior product manager of CoreLogic.