Verisk says Helene’s insured losses could reach $11 billion

Catastrophe modeler Verisk predicted the wind, storm surge and flooding from Hurricane Helene last month would cause between $6 billion and $11 billion in insured losses.

The estimate does not include losses to the National Flood Insurance Program (NFIP), Verisk added.

Helene was the strongest hurricane ever to make landfall in Florida’s Big Bend region, the Verisk Extreme Event Solutions group said. The Category 4 hurricane with sustained winds of 140 mph battered Florida’s Gulf Coast before the winds hit Georgia after making landfall in Taylor County, Florida.

Related: Modeler KCC puts privately insured losses at $6.4 billion from Helene

“Substantial tree damage was observed from Valdosta to Augusta and Savannah (Georgia),” Verisk reported. “As a result of tree damage, water intrusion and debris-induced damage were observed in the eastern part of the state. Wind damage to siding, roofing and attached structures has also been widely observed and reported.”

Record precipitation fell over three days in southern Appalachia and especially in western North Carolina. Asheville received nearly 14 inches of rain. Verisk said the “vast majority” of community damage in North and South Carolina was related to flooding caused by hurricane rainfall.

Verisk’s loss estimate also does not include the effect of litigation or social, inland marine and ocean inflation, infrastructure damage or loss adjustment expenses.

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