CoreLogic said Monday it expects insured losses from Hurricane Zeta’s wind and storm surge to total $2.5 billion to $4.0 billion. The property data and analytics company said it expects insured wind losses for residential and commercial properties in Louisiana, Mississippi and Alabama to tally between $2.2 billion and $3.5 billion and insured storm surge losses to tally an additional $0.3 billion to $0.5 billion.
Hurricane Zeta was the fifth named storm to hit Louisiana this year, with New Orleans taking a direct hit that caused thousands of power outages. “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,” said Curtis McDonald, meteorologist and senior product manager of CoreLogic. Tom Larsen, principal insurance solutions at CoreLogic said natural disasters “are increasing in frequency and severity across the board. “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,” he said.
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