Hurricane Barry flood and wind losses estimates released for private insurers, NFIP

CoreLogic, a global property information, analytics and data-enabled solutions provider, has released their residential and commercial flood and wind loss estimates for Hurricane Barry, the first hurricane of the 2019 season.

Barry made landfall on July 13 in Intracoastal City, Louisiana, as a Category 1 storm and quickly downgraded to a tropical storm as it traveled through Louisiana and Arkansas, bringing heavy rains, flooding and high winds that caused water and wind damage to homes and businesses.

Based on their data analysis, CoreLogic estimates the flood loss cost for residential and commercial properties in Louisiana will be between $200–400 million. This estimate includes both storm surge and inland flooding.

Insured flood loss from private insurers is estimated at less than $100 million. Additionally, wind losses are estimated to cost another $300–500 million.

In total, CoreLogic estimates insured flood and wind losses, excluding the National Flood Insurance Program (NFIP) losses, will be between $300–600 million.

NFIP losses

Approximately 500,000 total residential and commercial property policies are in place in Louisiana.

Exclusively looking at NFIP coverage in Barry-affected areas, CoreLogic’s loss estimate report prices insured residential and commercial flood losses to be between $100 million and $200 million. Uninsured flood loss is estimated to be approximately $100 million.

The report notes for the affected areas, less than 20% of residential flood loss is uninsured.

All estimates from CoreLogic’s report accounts for all residential homes and commercial properties, and includes contents and business interruption loss estimates. It does not include broader economic loss from the storm, the report notes.

See also:

• Flash floods, power outages and road closures: Assessing the damage from Hurricane Barry
• Cleanup begins after Barry, first hurricane of the season, hits Louisiana