Verisk’s Insured Loss Estimates From Helene in Line with Other Modelers
Another important modeler has rung in with insured loss estimates from the damages wrought by Hurricane Helene.
Verisk estimates industry insured losses in U.S. for Hurricane Helene will range between $6 billion to $11 billion.
Verisk’s estimates comes a day after Moody’s RMS Event Response released an estimate showing total U.S. private market insured losses from Hurricane Helene could be between $8 billion and $14 billion. Moody’s puts its best estimate at $11 billion.
Related: Biden to Deploy 1,000 Troops to Aid North Carolina After Helene
CoreLogic last week revised its insured losses estimate upward. Total insured loss from Hurricane Helene is now estimated at between $10.5 billion and $17.5 billion, according to the modeling firm. That was up significantly from the modeler’s earlier estimate of $3 billion to $6 billion in insured losses as the storm was about to strike.
Karen Clark & Co., a storm modeling and analytics firm, has estimated privately insured losses from Hurricane Helene will be about $6.4 billion from wind, storm surge and inland flooding in nine states.
The insured losses are a small percentage of the total economic losses and damage from Hurricane Helene. AccuWeather last week increased its estimate of the total damage and economic loss from Hurricane Helene in the U.S., and now says losses are likely to be between $225 billion and $250 billion. That was the third estimate increase from the weather service. Less than a week earlier, AccuWeather increased its estimate of the total damage and economic loss from Hurricane Helene to between $145 billion and $160 billion.
Related: Hurricane Helene Halts Poultry Plants, Damages Cotton Crops
Verisk’s estimates, include insured losses due to wind, storm surge and hurricane precipitation-induced flood. The figure does not include NFIP losses.
Hurricane Helene made landfall as a Category 4 major hurricane west-southwest of Perry, Taylor County, Florida on Sept. 27, with maximum sustained winds of 140 miles per hour, bringing hurricane-force winds, damaging storm surge, and heavy rainfall to the Louisiana coastline.
Record storm surge was observed farther north along the coast, including Cedar Key (9.3 feet) and Steinhatchee.
“Helene’s wind footprint scathed the Gulf coast of Florida and eventually made landfall along the Big Bend region in Taylor County,” a statement on the Verisk estimate reads. “Much of the damage was similar in locality and intensity to 2023 Hurricane Idalia but with a much larger storm surge impact and footprint extent.”
As Hurricane Helene crossed into Georgia, winds extended east of the track and impacted large swaths of central counties. Damage from trees was observed from Valdosta up to Augusta and Savannah, according to Verisk.