—Approximately 70 Percent of Flood Damage is Uninsured—
IRVINE, Calif.–(BUSINESS WIRE)–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.
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
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||
|Insured by NFIP||$6-9 B||
|Insured by Private Insurers||<$0.5 B|
|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|
Insured loss represents the amount insurers will pay to cover damage and
This analysis includes residential homes, including contents, and does
not include commercial, loss of business or other broader economic loss
from the storm.
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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