CoreLogic Analysis Estimates Total Residential Insured and Uninsured Flood Loss for Hurricane Harvey Between $25 Billion and $37 Billion

—Approximately 70 Percent of Flood Damage is Uninsured—

IRVINE, Calif. — (BUSINESS WIRE) — August 31, 2017 — 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.

Data Highlights:

  • 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 $0.5 billion.
  • 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

Total Flood
Loss

  $25-37 B
Insured by NFIP   $6-9 B

Estimated Percent

Uninsured

  70%
Insured by Private Insurers   <$0.5 B  
Uninsured   $18-27 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
 

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