LOS ANGELES – Insured losses on homes and commercial properties damaged by Hurricane Matthew are likely to be in the billions, but well short of the hefty costs caused by Superstorm Sandy and Hurricane Katrina.
Property data firm CoreLogic estimated Saturday that insured losses on residential and commercial properties will be between $4 billion and $6 billion.
The estimate covers storm surge and wind damage, which CoreLogic anticipates will account for 90 percent of insurance claims related to the hurricane.
Matthew's estimated losses are a fraction of those racked up by Superstorm Sandy, which barreled into the Northeast in 2012, and Hurricane Katrina, which swept through Louisiana and nearby states in 2005.
Sandy's insured property losses reached up to $20 billion, while Katrina's hit as high as $40 billion, according to CoreLogic.