Hurricane Helene one week on

Hurricane Helene made landfall in Florida’s ‘Big Bend’ region on 26^th September as a Category 4 storm. The hurricane trajectory continued north through Georgia and North Carolina, before veering west towards Tennessee. At peak strength, winds of 140 mph and a storm surge of up to 15 feet were recorded.  It also caused widespread flooding, particularly in Asheville, North Carolina, where 18 inches of rain were recorded. The death toll currently stands at 232, with 113 fatalities from North Carolina alone. The storm has also caused severe power outages, leaving an estimated 197,000 homes without electricity as of Sunday.

Alpha comment

Hurricane Helene was a very large storm and has caused devastation across much of the southeastern US states. It is now the strongest hurricane ever to make landfall in Florida’s Big Bend region. As mentioned in our previous article, the Big Bend area is less densely populated compared to other parts of Florida, such as Tampa. According to Karen Clark & Company, the forecast insured losses (excluding those covered by the National Flood Insurance Program) are $6.4bn, with overall economic losses projected to exceed $11bn. While flood losses take time to develop, the $6.4bn insurance estimate is considered a primary insurance event, rather than a reinsurance event. Therefore, these losses are expected to be absorbed by the direct US insurance market, with Lloyd’s having some claims from its property D&F business.