Hurricane Matthew Caused $4 Billion to $6 Billion in Insured Property Losses

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CoreLogic has reported this week that insured U.S. property losses for both residential and commercial properties from Hurricane Matthew are now estimated to be between $4 billion and $6 billion from wind and storm surge damage.

This does not include insured losses related to additional flooding, business interruption or contents. Of this $4-6 billion, 90 percent of the insurance claims are expected to be related to wind and 10 percent is expected to be related to storm surge. Figure 1 shows the insured property loss estimates for Hurricane Matthew compared with previous storms, including Hurricanes Katrina, Sandy, Floyd and David. As the data indicates, the insured loss estimate from Hurricane Matthew is well above Hurricanes Floyd and David, but well below Hurricanes Katrina and Sandy.