Total Harvey flood losses could approach $40bn

Total flood losses stemming from Hurricane Harvey could reach almost $40 billion but some 70 percent of these losses could be uninsured, according to CoreLogic, the property information and analytics provider.

CoreLogic estimates that the total flood loss in Texas and Louisiana will reach between $25 billion and $37 billion. The National Flood Insurance Program (NFIP) will cover some $6 billion to $9 billion of this and private insurers only around $0.5 billion. Insured losses from wind damage are estimated at $1 billion to $2 billion.

As a result, an estimated 70 percent of flood damage from Hurricane Harvey is not covered by any insurance, CoreLogic said. This includes inland, flash and storm surge flooding.

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