Hurricane Florence insured loss estimated at $2.5bn

Insured losses from Hurricane Florence will be around $2.5 billion, according to KCC estimates.

The estimates are based on the KCC US Hurricane Reference Model and include the privately insured wind, storm surge, and inland flooding damage to residential, commercial, and industrial properties as well as automobiles. It does not include National Flood Insurance Program (NFIP) losses.

Hurricane Florence made landfall near Wrightsville Beach, North Carolina, with Category 1 wind speeds on September 14. It reached peak intensity of 140 mph on Sept. 10, but weakened before impacting the US coast and spared the Carolinas from major hurricane impacts.

Florence brought heavy precipitation in excess of 30 inches to parts of North Carolina.

Peak surge from hurricane Florence reached 10 feet in New Bern, North Carolina, and other areas of the state including Beaufort and Wilmington had significant storm surge impacts. Locations at the heads of shallow bays, where the water is more easily pushed ashore by a hurricane’s high wind speeds, experienced the most coastal inundation.

Tropical storm force winds were experienced across much of North and South Carolina. This led to widespread low-level damage. Almost one million households lost power due to falling trees and power lines.

North Carolina, including Lumberton and Washington, experienced significant flooding driven by extreme rainfall rates as high as 30 inches in 24 hours. In addition to Florence’s slow forward speed contributing to rainfall rates, parts of the storm’s circulation remained over water as it began to move inland and provided the hurricane with a sustained source of water. Flooding was also exacerbated by storm surge preventing rivers from draining into the ocean and increasing their susceptibility to overtopping.

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