According to CoreLogic estimates, insured wind losses for residential and commercial properties in Alabama, Louisiana, and Mississippi will range between $2.2 billion and $3.5 billion as a result of Hurricane Zeta. Insured storm surge losses from Hurricane Zeta are estimated to range between an additional $0.3 billion and $0.5 billion.
“With one month to go, this hurricane season has been incredibly destructive due to the consistent cadence of storms and their too-similar landfall paths. While southwestern Louisiana was largely spared from Hurricane Zeta, New Orleans fell directly in the storm’s quick-moving path,” says Curtis McDonald, meteorologist and senior product manager of CoreLogic. “The important thing right now is to restore power to the millions of homes in the Southeastern states, continue damage repairs in previously impacted homes, and prepare for what could be record-breaking hurricane activity in November.”
Hurricane Zeta made landfall on Oct. 28 as a strong Category 2 hurricane, the third hurricane in two months and fifth named storm this season to make landfall in Louisiana. The storm has resulted in at least six deaths, hundreds of downed trees and power lines, and a 9-foot storm surge measured in the Bay of St. Louis, Mississippi.
After leaving Louisiana, Hurricane Zeta damaged homes and extinguished power in millions of homes in Alabama, Georgia, and Mississippi. It weakened to a tropical storm off North Carolina, then moved offshore from Delaware on Oct. 29.
“Natural disasters are increasing in frequency and severity across the board,” says Tom Larsen, principal of insurance solutions at CoreLogic. “Sophisticated catastrophe modeling estimates the impact of natural disasters with greater certainty, a key solution to addressing underinsurance issues and risk mitigation. It is imperative for mortgage lenders and insurance carriers to begin leveraging technology to better protect homeowners, accelerate local economic recovery, and protect their business.”
Visit hazardhq.com for tables of estimates of commercial and residential insured property losses by state, as well as up-to-date information on the storm's aftermath.