—Approximately 80 Percent of Estimated Flood Damage is Uninsured—
Company Website:
http://www.corelogic.com
IRVINE, Calif. -- (Business Wire)
CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled solutions provider, today
announced preliminary loss estimates for Hurricane Irma. According to
the data analysis, total insured and uninsured loss for both residential
and commercial properties, including damage from both flood and wind, is
estimated to be between $42.5 billion and $65 billion.* Of this, an
estimated $13.5 billion to $19 billion in insured loss is attributed to
damage from wind for both residential and commercial properties.
Residential Loss
Flood loss for residential properties from Hurricane Irma is estimated
at $25 billion to $38 billion. This includes storm surge, inland and
flash flooding in Florida, Alabama, Georgia, North Carolina and South
Carolina. Of this flood total, insured residential flood loss is
estimated at $5 billion to $8 billion and uninsured residential flood
loss is estimated at $20 billion to $30 billion. As a result, an
estimated 80 percent of flood damage to residential properties from
Hurricane Irma is not covered by any flood insurance.
Of the total wind damage, an estimated $11 billion to $15 billion
represents residential loss. Most damage from hurricane wind is
typically covered by private insurers.
Commercial Loss
Insured flood loss for commercial properties is estimated at $4 billion
to $8 billion. Data for uninsured flood loss for commercial properties,
which could equal or exceed insured loss estimates, is unavailable.
Of the total wind damage, an estimated $2.5 billion to $4 billion
represents commercial loss.
Data Highlights:
-
Insured residential flood loss covered by NFIP is estimated at $5
billion to $8 billion, representing one quarter of damaged homes.
-
This includes inland, flash and storm surge flooding.
-
More than 98 percent of residential flood insurance in the U.S. is
provided through the National Flood Insurance Program (NFIP).
-
Uninsured residential flood loss is estimated at $20 billion to $30
billion, representing 80 percent of damaged homes.
-
Insured commercial flood loss is estimated at $4 billion to $8
billion, the majority of which is covered by private insurers with a
small percentage covered by NFIP.
-
Insured residential loss from wind damage is estimated at $11 billion
to $15 billion.
-
Insured commercial loss from wind damage is estimated at $2.5 billion
to $4 billion.
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CoreLogic Hurricane Irma Loss Estimates |
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Residential
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Commercial
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Total
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Insured Flood Loss
|
|
|
|
$5 B - $8 B
|
|
|
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$4 B - $8 B
|
|
|
|
$29 B - $46 B
|
Uninsured Flood Loss
|
|
|
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$20 B - $30 B
|
|
|
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N/A
|
|
|
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Insured Wind Loss
|
|
|
|
$11 B - $15 B
|
|
|
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$2.5 B - $4 B
|
|
|
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$13.5 B - $19 B
|
Total Losses |
|
|
|
|
|
|
|
|
|
|
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$42.5 B - $65 B
|
Source: CoreLogic, September 2017
|
Insured loss represents the amount insurers will pay to cover damage and
loss.
*This total does not include commercial uninsured flood loss.
About CoreLogic
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.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc.
and/or its subsidiaries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170919006019/en/
Contacts:
CoreLogic
Media Contacts:
Lori Guyton, 901-277-6066
lguyton@cvic.com
or
Alexandra
Hayes, 484-888-4412
ahayes@cvic.com
Source: CoreLogic
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