Hurricane Ian could be Florida's most costly storm
By Chris Isidore, CNN BusinessUpdated: Fri, 30 Sep 2022 15:31:47 GMTSource: CNN BusinessHurricane Ian may have caused as much as $47 billion in insured losses, according to the latest estimate, which
By Chris Isidore, CNN BusinessUpdated: Fri, 30 Sep 2022 15:31:47 GMT
Source: CNN Business
Hurricane Ian may have caused as much as $47 billion in insured losses, according to the latest estimate, which could make it the most expensive storm in the state's history.
CoreLogic, a research firm that estimates losses from natural disasters, released the estimate for damages as of Thursday night. The estimates combines insured losses through private insurance, which typically covers wind damage, and FEMA's National Flood Insurance Program that covers water damage.
The estimates from CoreLogic range from $22 billion to $32 billion for wind damage and an additional $6 billion to $15 billion in flood damage. So in total, the low end of the combined estimate would be $28 billion — just above the $26.5 billion in losses caused by Hurricane Andrew, which hit South Florida in 1992, and has been ranked as the state's most expensive storm ever since.
But that estimate for losses due to Andrew, which were from the US National Oceanic and Atmospheric Administration, represents the cost 30 years ago. Adjusted for inflation, the cost of Andrew in 2022 dollars would be $55.7 billion.
Even so, if CoreLogic's estimates prove accurate, on an inflation-adjusted basis Ian would be the state's second most expensive storm.
This is a developing story.
