Last Updated: October 10, 2022

Damages From Hurricane Ian Amounted to A Staggering $31-$53B

CoreLogic, a property data and analytics provider, added new and revised storm updates and flood loss estimations for Hurricane Ian, resulting in a final figure of between $41 billion and $70 billion in insured and uninsured flood and wind losses. 

Estimated insured losses range from $31 billion to $53 billion. Wind losses to the National Flood Insurance Program (NFIP) and private insurance for residential and commercial properties are estimated to be between $23 billion and $35 billion, according to CoreLogic, with flood losses to the NFIP and private insurance for residential and commercial properties estimated to be between $8 billion and $18 billion. 

Uninsured flood losses are projected to range between $10 and $17 billion. 

According to CoreLogic, the analysis includes contents and business interruption but excludes broader economic loss from the storm.

CoreLogic data
The updated range comprises “wind loss, re-evaluated insured and uninsured storm surge loss, and newly computed inland flood loss for residential and commercial structures” in all states hit by the hurricane, says CoreLogic. 

As per CoreLogic, the analysis includes contents and business interruption but excludes broader economic loss from the storm. 

Hurricane Ian’s Category 4-force winds inflicted considerable damage along the Gulf Coast’s densely populated areas. According to Tom Larsen, senior director of hazard and risk Management at CoreLogic, Florida’s population has increased by 50% since 1992, when Hurricane Andrew ravaged the other side of the state. 

“The extra costs incurred from the surge in repair needs simultaneous with a fragile economy are headwinds to rapid reconstruction and we should expect to see resident displacement and housing affordability issues in the state for some time to come,” Larson said. 

According to CoreLogic, over 66,000 pending mortgage applications totaling over $22.5 billion are now in process in Florida, North Carolina, and South Carolina, and are threatened by Hurricane Ian damage. 

Inland flooding was “severe” along the Peace River near Arcadia, Florida, according to the business, but this area is designated a Special Flood Hazard Area (SFHA) by the Federal Emergency Management Agency, thus housing is scarce. 

“In many areas the flood extent approximates the SFHA boundaries, a clear indication that SFHA is a useful tool for city planners who wish to understand flood risk and mitigate flood damages,” said Larsen. “Without constraints in development in the SFHA, flood damages would have skyrocketed.” 

 

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