Hurricane Laura insured US losses estimated at $8-12B: CoreLogic

Insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas due to Hurricane Laura are estimated to be between $8 billion and $12 billion, data and analytics firm CoreLogic said Friday.

Storm surge losses are estimated to contribute less than $500 million to this total, CoreLogic said in its statement.

The estimate comprises residential homes and commercial properties, including contents and business interruption, but does not include broader economic loss from the storm.

CoreLogic’s loss estimates were updated based on the Aug. 27, 11 a.m. Eastern Standard Time National Hurricane Center advisory of the storm, the statement said.

Hurricane Laura weakened as it moved over land, firm CoreLogic said, and the storm’s center struck a more sparsely populated area of the Louisiana and Texas coast, sparing the major population centers of Houston and New Orleans, according to Curtis McDonald, meteorologist and senior product manager of CoreLogic.