In keeping with evaluation from ICEYE, the supplier of satellite tv for pc knowledge and companies to tell decision-making and evaluation, hurricane Helene’s flooding noticed over 100,000 buildings impacted, with greater than 10,000 of these being inundated to flood depths of higher than 5 toes.
Hurricane Helene’s flood associated impacts prolonged from the wide-spread storm surge alongside the Florida Gulf shoreline, proper the way in which by way of the rainfall-related impacts to the states of Georgia, South Carolina, Tennessee and North Carolina, with notably catastrophic harm within the northwest of the area.
ICEYE stated it has been monitoring the hurricane and its impacts since its formation, then buying greater than 350 SAR satellite tv for pc photographs of the impacted areas by way of thick storm clouds and even at evening.
“We delivered the primary flood extent and depth evaluation on September twenty eighth, specializing in the west coast of Florida. Two extra releases of our flood evaluation have been produced since, masking further areas within the Florida panhandle, Georgia, and the Southern Appalachians,” ICEYE defined.
Including that, “Primarily based on our newest knowledge, over 100,000 buildings have been impacted throughout Florida, North Carolina, Tennessee, Georgia, Virginia, South Carolina, and West Virginia, with at the least 10,000 buildings inundated by over 60 inches (over 5 toes; 152 centimeters) of water.”
ICEYE continues to offer close to real-time flood extent and depth knowledge and evaluation to emergency administration organisations, public authorities, and insurance coverage corporations on the impacts of hurricane Helene’s flooding.
ICEYE’s flood extent imagery helps to offer some insights into the extent of harm, what number of properties are affected and primarily based on the depths additionally how significantly, which is useful data for insurance coverage and reinsurance market constituents.
At greater than 5 toes of flood waters, properties will be severely broken, take months to dry out and recuperate, leading to important monetary prices and insurance coverage claims the place they’re coated, by personal insurance coverage or a Nationwide Flood Insurance coverage Program (NFIP) coverage.
As we reported yesterday, the numerous harm footprint related to hurricane Helene, from landfall and alongside the Florida coast with wind and surge, by way of southeastern states with hurricane power wind gusts, after which the devastating flood impacts seen up into Tennessee and North Carolina, there’s the potential for a excessive value from water-related damages.
Which has introduced the NFIP’s reinsurance and disaster bonds considerably into focus, though at this stage we perceive that the FloodSmart Re cat bonds had not been marked down in Friday’s pricing sheets and thus far usually are not seeing any buying and selling exercise within the secondary market, suggesting most holders really feel them more likely to be protected.
However, the mixture prices of the flooding related to hurricane Helene might be very excessive and at this stage there is no such thing as a readability over the NFIP claims burden, so it will likely be a while earlier than a clearer image on the private and non-private insurance coverage market losses attributable to Helene’s impacts are understood and the NFIP’s reinsurance tower and cat bonds will be deemed positively protected from attaching.
Additionally learn:
– Hurricane Helene insured losses anywhere from mid-single to even double-digit billions: RBC.
– Florida reinsurance dependency in focus after Helene, with $5bn+ loss expected: AM Best.
– FEMA’s NFIP reinsurance & cat bonds in focus after catastrophic flooding from Helene.
– Hurricane Helene private insurance loss seen mid-to-high single-digit billions: Bowen, Gallagher Re.
– Hurricane Helene economic loss in $20bn – $34bn range: Moody’s Analytics.
– Hurricane Helene insured wind/surge property loss in Florida/Georgia initially said $3bn – $5bn: CoreLogic.
– Losses to per-occurrence cat bonds from hurricane Helene currently seen as unlikely: Twelve Capital.
– Hurricane Helene landfall at Cat 4 140mph winds, Tampa Bay sees historic surge flooding.
– Hurricane Helene industry loss seen $3bn to $6bn if Tampa avoided: Gallagher Re.
– Minimal to no cat bond impact expected from hurricane Helene if track unchanged: Plenum.
