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Hurricane Ian will have an industry-changing impact on the future of real estate industry, infrastructure
CoreLogic®a leading global property information, analytics and data-enabled solutions provider, today announced residential and commercial wind and storm surge loss estimates for Hurricane Ian. According to this new data analysis, wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion. Insured storm surge losses in Florida are expected to be an additional $6 billion to $15 billion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220929005990/en/
Table 1 shows the estimates for commercial and residential insured property losses by state. (Graphic: CoreLogic)
“This is the costliest Florida storm since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost due to Hurricane Ian’s intense and destructive characteristics,” said Tom Larsen, Associate Vice President, Hazard & Risk Management, CoreLogic. ” Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida.”
If forecasts hold steady, CoreLogic expects Hurricane Ian to continue bringing flash flood devasation across Florida and potentially into South Carolina and Georgia. Residents will experience standing water and sewer backups for days, slowing immediate recovery. Significant infrastructure damage will also impede local governments’ ability to respond.
The Implications of Hurricane Ian Recovery
With inflation at a 40-year high, interest rates nearing 7%, and labor as well as materials still high in demand, CoreLogic anticipates recovery will be slow and difficult. Though recent legislation like the Inflation Reduction Act aims to improve infrastructure and resilience, the real estate industry is…
Full story available on Benzinga.com
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