CoreLogic pegs Matthew losses at $4 billion-plus

IRVINE, Calif. – CoreLogic, a global property information and analytics company, estimates the insured property losses for both residential and commercial properties damaged by Hurricane Matthew will total between $4 billion and $6 billion.
The report, released on Oct. 8, says the estimates do not include insured losses related to additional flooding or business interruption . Ninety percent of the insurance claims are expected to come from wind-related damage, while 10 percent will be related to storm surge, according to the report.
In comparison, the insured-property-loss estimates for Hurricane Katrina, which devastated the Gulf Coast in 2005, totaled $35 billion to $40 billion, making it the costliest natural disaster in U.S. history. Hurricane Sandy, which hit the U.S. in 2012, caused between $15 billion and $20 billion in losses, according to the report.

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