‘Rare’ Hurricane Nicole’s initial insured loss estimate revealed

Tropical storm turned Hurricane Nicole, which wreaked havoc on an already battered Florida coastline last week, is expected to cause insurance losses of less than $1 billion, an early estimate by CoreLogic has indicated.

CoreLogic estimates privately insured gross modeled losses from Nicole will be around $750 million. Modeled losses include those from hurricane winds and storm surge and do not include increased losses due to assignment-of-benefits.

Nicole, said to be a “rare November event”, made landfall in the US as a Category 1 hurricane on North Hutchinson Island near Vero Beach in Florida early Thursday (November 10), threating the state still reeling from the devastation caused by Category 4 Ian just over a month ago.

The hurricane (Nicole) weakened into a tropical storm shortly after making landfall, and continued through the eastern coast as a tropical depression.

Although hurricane season is officially from June to November, hurricanes in November are not common, CoreLogic said. This is due to changes in wind patterns and cooler ocean temperatures that make it less likely for a hurricane to be able to form during this time of year.

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