Hurricane Michael Wind and Storm Surge Cause An Estimated $3 Billion to $5 Billion in Losses, CoreLogic Analysis Shows

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.”