Irma flood, wind losses could reach $12 billion: CoreLogic

Hurricane Irma/ SHUTTERSTOCK.COM

Insured flood losses from Hurricane Irma for commercial properties is estimated at $4 billion to $8 billion, with wind damage estimated at $2.5 billion to $4 billion, CoreLogic Inc. said in statement Tuesday.

Total property damage from the storm is estimated at between $42.5 and $65 billion according to Irvine, California-based CoreLogic, which adds that some 80% of flood damage is uninsured.

Data for uninsured flood loss for commercial properties, which could equal or exceed insured loss estimates, is unavailable, the statement said. Most commercial flood is covered by private insurers with a small percentage covered by the National Flood Insurance Program, CoreLogic said.

Of the topline totals, a combined $13.5 billion to $19 billion in insured loss resulted from wind damage to both residential and commercial properties, with an estimated $11 billion to $15 billion in residential loss

Residential flood loss is estimated at $25 billion to $38 billion of which $5 billion to $8 billion is estimated to be insured, mainly through the NFIP, while some $20 billion to $30 billion is estimated as uninsured, the statement said.

Catastrophe modeler AIR Worldwide recently moderated its Irma loss estimates slightly.