Analysts at CoreLogic, a property data collection company, revealed the ramifications of Hurricane Zeta. Specifically, the report highlighted the residential and commercial wind and storm surge loss estimates that resulted from the storm’s aftermath.
According to CoreLogic’s data, for Louisiana, Mississippi and Alabama, the insured wind losses for residential and commercial properties are estimated to be between $2.2 billion and $3.5 billion. As for insured storm surge losses, those are estimated to be an additional $0.3 billion to $0.5 billion.
On October 28, after first touching down near Cocodrie, Louisiana, the hurricane raced toward New Orleans to wreak havoc. Zeta was reported to be a strong hurricane (rated officially as a Category 2 hurricane), and carried a reported maximum sustained surface wind speed of 110 miles per hour. Just 1 mile per hour more and it would have boosted it up to the Category 3 level of intensity.
Zeta is the third hurricane that has hit Louisiana these past two months, and the damage was significant. There were at least six deaths reported, as well as hundreds of downed trees and power lines, and a 9-foot surge was reported in the Bay of St. Louis, Mississippi.
Curtis McDonald, Meteorologist and Senior Product Manager of CoreLogic, commented on Zeta in the aftermath: “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.”
McDonald added: “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.”
Tom Larsen, principal, insurance solutions at CoreLogic, warned of further stormy weather to be expected: “Natural disasters are increasing in frequency and severity across the board. 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.”
CoreLogic tracks accumulated disaster-related property damage via its Hazard HQ.