Estimated reading time: 0 minutes, 57 seconds

$8B-$12B in Insured Losses from Hurricane Laura Wind and Storm Surge: Estimate

According to new data from CoreLogic, insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas are estimated to be between $8 billion and $12 billion, with insured storm surge losses estimated to contribute less than $0.5 billion to this total.

In addition to property damages, the ability to make loan payments can become compromised following a hurricane. Overall home mortgage delinquency rates (30 or more days past due, including those in foreclosure) in the Beaumont, Texas (9.3%) and Lake Charles, Louisiana (9.5%) metropolitan areas were already above the national rate (7.3%) based on the May 2020 CoreLogic Loan Performance Insights report. CoreLogic data has shown natural disasters cause a spike in mortgage delinquencies, which suggests Hurricane Laura will add to the economic hardship families are already experiencing during the pandemic.

As Hurricane Laura approached the coast, the storm’s center struck a more sparsely populated area of the Louisiana and Texas coast. “There is never a good place for a hurricane to make landfall. But this was the best possible outcome because it spared the major population centers of Houston and New Orleans," said Curtis McDonald, meteorologist and senior product manager of CoreLogic.

 

Read 2086 times
Rate this item
(0 votes)

FOLLOW US

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.