—Most of the Estimated Flood Damage is Expected to be Insured—
IRVINE, Calif., October 20, 2017 – CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced preliminary loss estimates for Hurricane Nate. According to the data analysis, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $650 million and $1.35 billion.* Of this, an estimated $500 million to $1 billion in insured loss is attributed to damage from wind for both residential and commercial properties.
Residential Loss
Flood loss for residential properties from Hurricane Nate is estimated at $100 million to $200 million. This includes storm surge, inland and flash flooding in Alabama, Florida, Louisiana and Mississippi. The vast majority of flood damage from Hurricane Nate is expected to be insured because the low severity of the storm kept the flooding contained to Special Flood Hazard Areas (SFHA), which are designated by the Federal Emergency Management Agency (FEMA) and are therefore required to have flood insurance.
Of the total wind damage, an estimated $375 million to $750 million represents residential loss. Most damage from hurricane wind is typically covered by private insurers.
Commercial Loss
Insured flood loss for commercial properties is estimated at $50 million to $150 million. Data for uninsured flood loss for commercial properties was negligible.
Of the total wind damage, an estimated $125 million to $250 million represents commercial loss.
CoreLogic Hurricane Nate Loss Estimates
| Residential | Commercial | Total | |
|
Insured Flood Loss |
$100 M - $200 M |
$50 M - $150 M |
$150 M - $350 M |
|
Uninsured Flood Loss |
N/A |
N/A |
|
|
Insured Wind Loss |
$375 M - $750 M |
$125 M - $250 M |
$500 M - $1 B |
|
Total Losses |
$475 M - $950 M |
$175 M - $400 M |
$650 M - $1.35 B |
Source: CoreLogic 2017
Insured loss represents the amount insurers will pay to cover damage and loss.
*This total does not include residential or commercial uninsured flood loss, which was negligible.
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About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit
www.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
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