Aon: Helene insured losses will cost billions of dollar
Insured losses from Hurricane Helene will reach into the high single digits of billions of dollars, according to Aon.
But economic losses from the storm, which has also caused more than 200 deaths, will be "notably higher", the broker's weekly catastrophe report said.
"Helene’s very large and powerful wind field, intense storm surge, and catastrophic inland flooding will
result in significant financial implications for much of the southeast United States," the report said. "As of September 30, over 40,000 claims have already been filed in Florida, according to Florida’s Office of Insurance Regulation.
"Across all affected states, insured losses from all perils associated with Hurricane Helene will likely reach at least into the higher single-digit billions of US dollars. However, regions in the southern Appalachian Mountains that saw catastrophic flooding damage also exhibit low public and private flood insurance take-up rates, suggesting a fairly large insurance gap. As a result, economic losses will be notably higher."
The report said the "unprecedented flooding event" had devastated much of western North Carolina over the past week, sparking a catastrophic humanitarian crisis for the area.
"As of October 3, at least 108 fatalities have been confirmed by officials while hundreds more remain missing. Locations such as Biltmore Village, Chimney Rock and Swannanoa, saw some neighbourhoods completely destroyed by extensive flooding, mudslides, and debris flows.
"Asheville was hit especially hard as catastrophic flooding cut off sections of the city from the outside world. Much of the city’s road and utility infrastructure, including key sections of Interstates 40 and 26, experienced significant damage, with local officials warning that some restoration efforts may take over a year."
It added: "An EF3 tornado in Rocky Mount added to the damage after injuring 15 people and destroying multiple buildings. In total, Helene caused over 1 million power outages across the state, and over 300,000 were still without power nearly a week after landfall."
The report noted that Helene was the fourth hurricane to make landfall in the US this year, which was only the fifth time at least that number of hurricanes had hit the country.
The 202 deaths are the third highest number of fatalities from a hurricane after Maria (2017, 2, 975 deaths) and Katrina (2005, 1,836 deaths).
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