Approximately 70 Percent of Estimated Flood Damage is Uninsured
IRVINE, Calif., August 31, 2017 – CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced preliminary residential loss estimates for Hurricane Harvey. According to the data analysis, insured flood loss for homes in the 70-county area in Texas and Louisiana affected by the storm is estimated to be between $6.5 billion and $9.5 billion, which includes inland, flash and storm surge flooding. An additional estimated $1 billion to $2 billion in insured loss is attributed to damage from wind. Residential uninsured flood loss for the same area is estimated to be between $18 billion and $27 billion. As a result, an estimated 70 percent of flood damage from Hurricane Harvey is not covered by any insurance.
Data Highlights:
- Insured flood loss covered by the National Flood Insurance Program (NFIP) is estimated at $6 billion to $9 billion.
- This includes inland, flash and storm surge flooding.
- More than 98 percent of residential flood insurance in the U.S. is provided through the NFIP.
- Insured flood loss from private insurers is estimated at less than $0.5 billion.
- Uninsured flood loss, which represents damage from storm surge and inland flooding not covered by any insurance policies, is estimated at $18 billion to $27 billion.
- Insured loss from wind damage is estimated at $1 billion to $2 billion.
Loss Estimates from Hurricane Harvey
| CoreLogic Analysis | Flood Loss |
|
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|
Insured by NFIP |
$6-9 B |
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|
Insured by Private Insurers |
<$0.5 B |
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|
Uninsured |
$18-27 B |
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|
Total Insured Flood Loss |
$6.5-9.5 B |
Total Uninsured Flood Loss |
$18-27 B |
Total Insured Loss Including Flood and Wind |
$7.5-11.5 B
|
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Source: CoreLogic August 2017
Insured loss represents the amount insurers will pay to cover damage and loss.
This analysis includes residential homes, including contents, and does not include commercial, loss of business or other broader economic loss from the storm.
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.
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