Hurricane Michael Wind and Storm Surge Cause An Estimated $3 Billion to $5 Billion in Losses, CoreLogic Analysis Shows
IRVINE, Calif.--(BUSINESS WIRE)--Oct 12, 2018--CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial storm surge and wind loss estimates for Hurricane Michael. According to this new data analysis, the wind losses for residential and commercial properties in Florida are expected to be between $2 billion and $3 billion, and the storm surge losses, including losses covered by National Flood Insurance Program (NFIP), are expected to be an additional $0.5 billion to $1 billion. Our analysis accounts for insured losses.
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CoreLogic: The table above shows the estimates for commercial and residential insured property losses by state. (October 2018) (Graphic: Business Wire)
The post-landfall estimates below have been updated based on the October 11, 11:00 a.m. EDT National Hurricane Center (NHC) advisory of the storm. At this time, it is unlikely that inland flooding will be a major contributor to loss totals, but CoreLogic will continue to evaluate this as the storm unfolds. This analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm.
As Michael moved over land, it weakened, so some counties won’t have experienced the full impact of a landfalling Category 4 hurricane. Certain counties will experience multiple categories of storm intensities because the properties closer to the coast are likely to experience stronger winds relative to the more inland properties within a county or CBSA. In particular, it is expected that states other than Alabama, Florida, and Georgia will not exceed tropical storm force winds based on the projected track and is therefore not included in the table. Additionally, regions in Florida where the impacted homes are outside of metropolitan areas are represented in the table as “Other.” Similarly, in Alabama and Georgia, regions where the damage is widespread but not concentrated in a specific area are represented in the table as “Statewide.”
For major Gulf and Atlantic Coast hurricanes that impact the U.S. this year, CoreLogic is planning on providing pre-landfall data for the number and associated reconstruction cost value (RCV) of at-risk homes. For post-landfall data, CoreLogic plans to issue losses for wind and flood. Visit the CoreLogic natural hazard risk information center, Hazard HQ™, at www.hazardhq.com to get access to the most up-to-date Hurricane Michael storm data and see reports from previous storms.
The CoreLogic North Atlantic Hurricane Model includes improved location risk and estimation through its robust stochastic event set, high-resolution hazard modeling, component-level vulnerability, and usage of PxPoint™, the structure- and parcel-level geocoding engine. With detailed and rigorously validated model outputs, the model provides the ability to calculate damage contributions from wind and storm surge, providing a transparent way of looking at loss as well as to obtain a better understanding of capital adequacy for the separate or combined perils of hurricane winds and coastal storm surge flooding. The model offers a complete view of the risk for all perils and sub-perils. The North Atlantic Hurricane Model is updated biennially and has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) since the inception of the process in 1997.
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Alyson Austin at email@example.com or Caitlin New at firstname.lastname@example.org. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA FLORIDA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
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PUB: 10/12/2018 03:21 PM/DISC: 10/12/2018 03:20 PM