Between $1-2 billion in estimated insured property loss from Hurricane Harvey

Posted at 5:50 PM, Aug 25, 2017
and last updated 2017-08-25 18:50:38-04

CoreLogic a leading global property information, analytics and data-enabled solutions provider, has conducted an analysis which shows that insured property losses for both residential and commercial properties from Hurricane Harvey are estimated to be between $1 billion and $2 billion from wind and storm surge damage.

This does not include insured losses related to additional flooding, business interruption or contents since rainfall is projected to last for several days.

Of this total, approximately 95 percent of the insurance claims are expected to be related to wind and less than 5 percent is expected to be related to storm surge.

Hurricane Harvey is expected to make landfall near Corpus Christi, with relatively low exposure to Houston and other large metro areas.

The table below shows the insured property loss estimates for Hurricane Harvey compared with previous storms, including Hurricanes Celia and Ike.

Because Hurricane Celia was a stronger storm (category 4) and Hurricane Ike made landfall near a larger metro area (Houston), they both resulted in greater losses than the current estimates for Hurricane Harvey.

Insured Property Loss Estimates for Hurricanes Harvey, Celia and Ike

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