Insured Losses From Helene Expected To Reach $6.4B

Bloomberg News reports:

The destruction from Hurricane Helene is expected to cost insurers roughly $6.4 billion, according to an early estimate from catastrophe modeling firm Karen Clark & Company. KCC’s assessment includes damage to privately insured automobiles as well as residential, commercial and industrial properties and the impact of business interruption.

Insured losses are much lower than the total economic impact, as flood damage is typically excluded from standard property policies and only covered by supplemental policies or from the National Flood Insurance Program. The total economic damage could hit $160 billion. This would make Helene one the five costliest storms in US history.

Read the full article. The estimate covers nine states impacted by the storm. This morning CNN reported that insured losses in Florida alone are estimated to be nearly $800 million, with many having no flood insurance.

The destruction from Hurricane Helene is expected to cost insurers roughly $6.4 billion, according to an early estimate from catastrophe modeling firm Karen Clark & Co. https://t.co/jWI0HQGKvS

— Bloomberg Economics (@economics) October 2, 2024