Nate insured losses could reach $1 billionReprints
Hurricane Nate caused an estimated $500 million to $1 billion in insured losses related to wind damage to residential and commercial properties, according to an estimate published by catastrophe modelling firm CoreLogic on Friday.
Total insured and uninsured losses for both residential and commercial properties from Hurricane Nate, including damage from both flood and wind, is estimated between $650 million and $1.35 billion, according to the Irvine, California-based firm.
Flood loss for residential properties from Hurricane Nate is estimated at $100 million to $200 million, including storm surge, inland and flash flooding in Alabama, Florida, Louisiana and Mississippi, according to the firm. The vast majority of flood damage from Hurricane Nate is expected to be insured because the low severity of the storm kept the flooding contained to Special Flood Hazard Areas, which are designated by the Federal Emergency Management Agency and are required to have flood insurance, according to CoreLogic.
An estimated $375 million to $750 million of the total wind damage represents residential loss while about $125 million to $250 million represents commercial loss. Private insurers typically cover wind damage.
Insured flood loss for commercial properties is estimated at $50 million to $150 million while data for uninsured flood loss for commercial properties was negligible, according to the firm.