Hurricane Michael losses at up to $5bn: CoreLogic

Insured residential and commercial storm surge and wind losses from hurricane Michael are estimated at between $3 billion and $5 billion, according to an update by data provider CoreLogic.

Hurricane Michael made landfall as a Category 4 hurricane along the Florida Panhandle coast on Oct. 10, 2018.

Of the total insured losses, Florida is set to shoulder $2.5 billion to $4 billion while other impacted states such as Alabama and Georgia are expected to face $0.5 billion to $1 billion of the losses.

The majority of the residential and commercial property losses in Florida are expected to have been caused by wind, estimated at between $2 billion and $3 billion. Storm surge losses, including losses covered by National Flood Insurance Program (NFIP), are expected to have caused an additional $0.5 billion to $1 billion.

It is unlikely that inland flooding will be a major contributor to loss totals, CoreLogic noted. The analysis includes contents and business interruption and does not include broader economic loss from the storm.

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