Congressman Greg Murphy, RN.C. details the devastation caused by Hurricane Helen and the storm's impact on the upcoming presidential election.
New damage estimate hurricane helen According to Moody's RMS Event Response, the firm estimates losses in the U.S. private insurance market at between $8 billion and $14 billion.
Helen brought devastating flooding and storm surge to the southeast, killing at least 232 people. Moody's RMS Event Response estimated that the private market would guarantee Helens' loss. wind and storm surge Damage is expected to be between $6.7 billion and $12.3 billion, with inland flood damage expected to be between $1.3 billion and $1.7 billion.
This would take total insured losses in the private market from $8 billion to $14 billion, with a best estimate of $11 billion, according to Moody's RMS.
“Hurricane Helen, the most impactful event of the current 2024 hurricane season so far, is expected to move into Florida within days,” Moody's Chief Risk Modeling Officer Mohsen Rahnama said in a statement. “That could change quickly with an impactful major Hurricane Milton.” “In the case of Helen, multiple states suffered varying degrees of damage from flooding caused by winds, storm surge, and excessive rainfall.”
Areas of Asheville, North Carolina, western North Carolina, and eastern Tennessee were devastated by Helen's flooding. (Photo courtesy of Mario Tama/Getty Images/Getty Images)
The analysis also estimated that the National Flood Insurance Program (NFIP) administers. Federal Emergency Management Agency (FEMA) Operated as a public-private partnership, its size could reach more than $2 billion. These losses are primarily caused by storm surges in Florida and low coverage of NFIP policies in inland areas like western North Carolina, which have been devastated by flooding.
“The worst effects of this event will be from inland flooding, with Helen causing historic levels of flooding in several towns in North Carolina, Tennessee and surrounding states,” said Firas Saleh, director of U.S. inland flood modeling at Moody's. It was completely destroyed by the amount of rainfall.” “Thousands of buildings were exposed to rapids of more than 8 feet, with some buildings more than 15 feet deep. Extensive damage and total loss of construction is expected in these areas, with devastating infrastructure It is expected that recovery from the damage will take time.”
Moody's says damage from Hurricane Helen could be up to $34 billion
Areas in the Southeast were devastated by Hurricane Helen. (Willie J. Allen Jr./Orlando Sentinel/Tribune News Service via Getty Images/Getty Images)
“Unfortunately, flood insurance coverage is extremely low in the hardest-hit areas, meaning much of the damage is uninsured and economic property losses far exceed insured losses. We expect Helen’s efforts to accelerate.” flood insurance The purchase will fill a major gap in flood protection in these areas,” Saleh added.
Last week, Moody's Analytics released preliminary estimates of damage from Hurricane Helen, putting property damage in the range of $15 billion to $26 billion, but estimates of property damage are subject to greater uncertainty. He pointed out that there is. economic turmoil Production losses due to school and office closures are projected to range from $5 billion to $8 billion. This puts preliminary estimates of total costs in the range of $20 billion to $34 billion.
Race begins to clear Helen's debris along Florida coast before Milton's winds arrive
Florida is preparing for Hurricane Milton to make landfall on Wednesday. (Photo by Saul Martinez/Getty Images/Getty Images)
hurricane miltonIt switched between Category 4 and Category 5 status in the Gulf of Mexico on Tuesday, and is expected to make landfall on Florida's west coast on Wednesday.
Regarding Hurricane Milton, which hit Florida, Moody's RMS found that the overlap in damage between Milton and Helen made it difficult for insurance claims adjusters to assign the area to the event that caused the most damage. He pointed out that there is a possibility that
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“It is worth emphasizing that this is a very serious situation,” the National Hurricane Center warned on Tuesday. “Milton has the potential to be one of the most destructive hurricanes on record in central and central Florida.”
FOX Weather's Stephen Yablonski contributed to this report.
