Hurricane Helene impacted over 100,000 buildings from Florida to West Virginia, according to ICEYE. However, private insured losses, primarily from storm surges and floods, remain in the single-digit bn range.
At least 10,000 buildings across Florida, Georgia, South Carolina, North Carolina, Tennessee, Virginia, and West Virginia experienced water levels of five feet or more, ICEYE reported in a Sept. 30 flood bulletin.
Florida property & casualty insurers had processed 48,341 claims, totaling $507.5 mn in estimated losses, according to the Florida Office of Insurance Regulation.
Nearly 25,000 claims were for residential property damage, while the remaining claims included damages across multiple lines such as automobile, farm, and marine. Private flood insurers received 918 claims, while commercial property insurers handled 404 claims.
AM Best earlier estimated that insured losses from Helene could exceed $5 bn due to the storm’s widespread impact, affecting inland urban areas such as Tallahassee and Atlanta.
Gallagher Re estimated insured damages in the mid-to-high single-digit bn range. Meanwhile, AccuWeather placed total economic losses between $145 bn and $160 bn.
Guy Carpenter noted in a post-event report that the gap between insured and economic losses would largely result from low flood insurance uptake and the complexity of claims involving both wind and water damage.
Three major regions felt the effects of the Category 4 hurricane, the third to hit Florida’s Big Bend area in 18 months. In this region, insurers will need to distinguish between wind and water damage claims.
The storm caused historic coastal flooding along Florida’s west coast, re-flooding some areas previously affected by hurricanes, such as Fort Myers Beach, and flooding new areas, like South Tampa.
by Yana Keller
