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Insured losses from Hurricane Florence will fall in the $6 billion to $10 billion range, with private insurers responsible for less than $5 billion of those losses, according to CoreLogic.
Insured flood loss covered by the National Flood Insurance Program is estimated to be between $2 billion and $5 billion, as 445,000 total residential and commercial property NFIP policies are in force in North Carolina, South Carolina and Virginia, the Irvine, California-based catastrophe modeling firm said on Monday.
CoreLogic estimated total flood and wind losses from Florence at between $20 billion and $30 billion, with 85% of residential losses uninsured.
The excess and surplus lines market is poised to generate a significant direct underwriting profit this year, but substantial losses may emerge from Hurricane Florence’s likely landfall in the Carolinas on Friday, Fitch Ratings Inc. said in a report issued Thursday.