Verisk estimates of insured losses from Helene, in line with other modellers

Another major modeler called with estimates of insured losses from Hurricane Helene damage.

Verisk estimates US industry insured losses for Hurricane Helene to range between $6 billion and $11 billion.

The Verisk estimates come a day after Moody’s RMS Event Response released an estimate showing total insured losses in the US private market from Hurricane Helene could be between $8 billion and $14 billion. Moody’s puts the best estimate at $11 billion.

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CoreLogic last week revised its estimate of insured losses upwards. The 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 previous estimate of $3 billion to $6 billion in insured losses as the storm was about to hit.

Karen Clark & ​​​​Co., a storm modeling and analysis firm, estimated privately insured losses from Hurricane Helene to be about $6.4 billion from winds, storm surge and inland flooding in nine states .

Insured losses represent a small percentage of the total economic loss and damage caused by Hurricane Helene. AccuWeather last week raised its estimate of total damage and economic losses from Hurricane Helene in the US, and now says losses are likely to be between $225 billion and $250 billion. This was the third forecast increase from the weather service. Less than a week earlier, AccuWeather raised its estimate of total damage and economic losses from Hurricane Helene to between $145 billion and $160 billion.

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Verisk’s estimates include insured losses due to wind, storm surge and hurricane-induced flooding. The figure does not include NFIP losses.

Hurricane Helene made landfall as a major Category 4 hurricane west-southwest of Perry, Taylor County, Florida on September 27 with maximum sustained winds of 140 miles per hour, bringing hurricane-force winds, damaging storm surge and heavy rainfall. Louisiana coast.

The record high was seen further north along the coast, including Cedar Key (9.3 feet) and Steinhatchee.

“Helene’s wind footprint battered Florida’s Gulf Coast and eventually made landfall along the Big Bend region of Taylor County,” a statement from the Verisk forecast said. “Much of the damage was similar in locality and intensity to Hurricane Idalia in 2023, but with a much larger storm surge impact and land footprint.”

As Hurricane Helene moved into Georgia, winds extended east of the track and affected large areas of central counties. Tree damage was seen from Valdosta to Augusta and Savannah, according to Verisk.