Latest analysis pegs Hurricane Ian losses at up to $70bn
Global property data provider CoreLogic has revealed its updated and final damage estimates for Hurricane Ian after re-evaluating insured and uninsured storm surge losses and newly calculated inland flood loss for residential and commercial properties.
According to this new data analysis, total flood and wind losses are between $41 billion and $70 billion.
Flood loss from NFIP and private insurance for residential and commercial properties is estimated to be between $8 billion and $18 billion, which includes both re-evaluated storm surge and new estimates for inland flooding.
Uninsured flood loss for this area is estimated to be between $10 billion and $17 billion, while wind losses are estimated to be $23 billion to $35 billion.
The analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm. The inland flood analysis is based on the rainfall from September 25 to October 4.
Hurricane Ian’s large wind field and landfall path caused severe wind and coastal storm surge damage along the densely populated coast. “The key reason Hurricane Ian is so economically destructive is due to the massive growth in coastal real estate in Florida,” said Tom Larsen, senior director of Hazard and Risk Management, CoreLogic.
“Florida’s population has grown 50% since 1992 when Hurricane Andrew hit Miami, with disproportionately more growth in South Florida. The extra costs incurred from the surge in repair needs simultaneous with a fragile economy are headwinds to rapid reconstruction and we should expect to see resident displacement and housing affordability issues in the state for some time to come.”
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