Florence insured losses could reach $10B: CoreLogic

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.