Insured property losses from Hurricane Matthew could reach $6bn

The insured property losses for both residential and commercial properties from Hurricane Matthew are estimated to be between $4 billion and $6 billion from wind and storm surge, according to property analytics provider CoreLogic.

The figure given, of which 90 percent of the claims are relating to wind and 10 percent to storm surge, does not account for additional insured losses relating to flooding, business interruption or contents.

Comparing Matthew to previous large-scale hurricanes, Hurricane Katrina's property loss estimates were $35-40 billion in 2005, and Hurricane Sandy's estimates were $15-20 billion in 2012.

Matthew, which substantially weakened over the weekend, has lost its hurricane status and is now post-tropical cyclone, according to the National Hurricane Center (NHC).

Additional flooding will continue over portions of eastern North Carolina, which the NHC said received record-breaking levels of rainfall.

CoreLogic estimates about 1.5 million residential and commercial properties are expected to be impacted from wind and storm surge from Hurricane Matthew.

“The fact that structures in the region are comprised primarily of masonry, wood and veneers, coupled with the stringent Florida building codes, helps reduce total insured property losses compared with other memorable storms,” CoreLogic said.