CoreLogic Estimates $2.5 Billion to $4.0 Billion in Insured Losses from Hurricane Zeta Wind and Storm Surge
IRVINE, Calif.--(BUSINESS WIRE)--Nov 2, 2020--
CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced residential and commercial wind and storm surge loss estimates for Hurricane Zeta. According to this new data analysis, insured wind losses for residential and commercial properties in Louisiana, Mississippi and Alabama are estimated to be between $2.2 billion and $3.5 billion. Insured storm surge losses are estimated to be an additional $0.3 billion to $0.5 billion.
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Hurricane Zeta Combined Residential and Commercial Loss (Wind + NFIP and Non-NFIP Storm Surge) (Graphic: Business Wire)
Hurricane Zeta made landfall near Cocodrie, Louisiana, in Terrebonne Parish before directly hitting New Orleans on Wednesday evening, October 28. The storm was a strong Category 2 hurricane with a maximum sustained surface wind speed of 110 miles per hour, just 1 mile per hour below Category 3 intensity. This marks the third hurricane in two months to make landfall in Louisiana. As Hurricane Zeta approached the Louisiana coastline, the storm passed through an area of warm water temperatures and low wind shear, enabling it to strengthen considerably. The storm resulted in at least six deaths and hundreds of downed trees and power lines. A 9-foot surge was measured in the Bay of St. Louis, Mississippi.
“With one month to go, this hurricane season has been incredibly destructive due to the consistent cadence of storms and their too-similar landfall paths. While southwestern Louisiana was largely spared from Hurricane Zeta, New Orleans fell directly in the storm’s quick-moving path,” said Curtis McDonald, meteorologist and senior product manager of CoreLogic. “The important thing right now is to restore power to the millions of homes in the southeastern states, continue damage repairs in previously impacted homes and prepare for what could be record-breaking hurricane activity in November.”
The analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm. The table shows the estimates for commercial and residential insured property losses by state.
After leaving Louisiana late Wednesday night, Hurricane Zeta charged east, upending roofs and extinguishing power to millions of homes across Mississippi, Alabama and Georgia. As the storm moved across the southeastern states, it weakened to a tropical storm centered east of Asheville, North Carolina, by dawn on Thursday. While Zeta did produce some rain, widespread inland flooding was not reported due to the storm’s high forward speed. Most of the damage reported was attributed to wind and storm surge. The storm moved offshore from Delaware on October 29 and continues to move eastward over the Atlantic Ocean.
“Natural disasters are increasing in frequency and severity across the board,” said Tom Larsen, principal, insurance solutions at CoreLogic. “Sophisticated catastrophe modeling estimates the impact of natural disasters with greater certainty, a key solution to addressing underinsurance issues and risk mitigation. It is imperative for mortgage lenders and insurance carriers to begin leveraging technology to better protect homeowners, accelerate local economic recovery and protect their business.”
Visit the CoreLogic natural hazard risk information center, Hazard HQ, at www.hazardhq.com to get access to the most up-to-date Hurricane Zeta storm data and see reports from previous storms.
CoreLogic offers high-resolution location information solutions with a view of hazard and vulnerability consistent with the latest science for more realistic risk differentiation. The high-resolution storm surge modeling using 10m digital elevation model (DEM) and parcel-based geocoding precision from PxPoint™ facilitates this realistic view of risk. Residential structures of up to four units, including single-family homes, mobile homes, duplexes, manufactured homes and cabins (among other non-traditional home types) are included in this analysis. Multifamily residences are also included. This is not an indication that there will be no damage to other types of structures.
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 [email protected]. 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), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, PxPoint and Hazard HQ are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.
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CONTACT: Media Contacts:
INK Communications for CoreLogic
KEYWORD: GEORGIA LOUISIANA ALABAMA MISSISSIPPI CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE INSURANCE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: CoreLogic, Inc.
Copyright Business Wire 2020.
PUB: 11/02/2020 08:00 AM/DISC: 11/02/2020 08:01 AM