CoreLogic has estimated that Hurricane Barry caused flood loss for residential and commercial properties in Louisiana of between $200 million and $400 million, including both storm surge and inland flooding. It estimated insured flood loss from private insurers at less than $100 million.
CoreLogic estimated wind losses to be an additional $300 million to $500 million.
In total, the company said, insured flood and wind losses, excluding National Flood Insurance Program (“NFIP”) losses, were between $300 million and $600 million.
According to CoreLogic, insured residential and commercial flood loss covered by the NFIP was between $100 million and $200 million. It estimated uninsured flood loss to be approximately $100 million. Specifically, less than 20 percent of residential flood loss was uninsured. In Louisiana, approximately 500,000 total residential and commercial property policies are in force through the NFIP.
CoreLogic said that its analysis included residential homes and commercial properties, including contents and business interruption but did not include broader economic loss from the storm.
Its inland flood analysis was based on the rainfall for 72 hours ending on Monday, July 15, and, therefore, excluded rainfall from a separate weather system in the days leading up to Hurricane Barry's landfall.
Learn more: www.corelogic.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].