Hurricane Helene floods over 100k buildings, at the least 10k to over 5 ft: ICEYE – Cyber Tech

Based on evaluation from ICEYE, the supplier of satellite tv for pc information 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 ft.

Hurricane Helene’s flood associated impacts prolonged from the wide-spread storm surge alongside the Florida Gulf shoreline, proper the way in which via the rainfall-related impacts to the states of Georgia, South Carolina, Tennessee and North Carolina, with notably catastrophic injury within the northwest of the area.

ICEYE mentioned it has been monitoring the hurricane and its impacts since its formation, then buying greater than 350 SAR satellite tv for pc pictures of the impacted areas via thick storm clouds and even at night time.

“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 extra areas within the Florida panhandle, Georgia, and the Southern Appalachians,” ICEYE defined.

Including that, “Based mostly on our newest information, 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 ft; 152 centimeters) of water.”

ICEYE continues to supply close to real-time flood extent and depth information and evaluation to emergency administration organisations, public authorities, and insurance coverage firms on the impacts of hurricane Helene’s flooding.

ICEYE’s flood extent imagery helps to supply some insights into the extent of harm, what number of properties are affected and primarily based on the depths additionally how critically, which is useful data for insurance coverage and reinsurance market constituents.

At greater than 5 ft of flood waters, properties could be severely broken, take months to dry out and recuperate, leading to important monetary prices and insurance coverage claims the place they’re lined, by personal insurance coverage or a Nationwide Flood Insurance coverage Program (NFIP) coverage.

As we reported yesterday, the numerous injury footprint related to hurricane Helene, from landfall and alongside the Florida coast with wind and surge, via southeastern states with hurricane drive 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 up to now usually are not seeing any buying and selling exercise within the secondary market, suggesting most holders really feel them prone to be protected.

However, the mixture prices of the flooding related to hurricane Helene shall be very excessive and at this stage there isn’t any 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 brought on by Helene’s impacts are understood and the NFIP’s reinsurance tower and cat bonds could be deemed undoubtedly protected from attaching.

Additionally learn:

– Hurricane Helene insured losses wherever from mid-single to even double-digit billions: RBC.
– Florida reinsurance dependency in focus after Helene, with $5bn+ loss anticipated: AM Greatest.
– FEMA’s NFIP reinsurance & cat bonds in focus after catastrophic flooding from Helene.
– Hurricane Helene personal insurance coverage loss seen mid-to-high single-digit billions: Bowen, Gallagher Re.
– Hurricane Helene financial loss in $20bn – $34bn vary: Moody’s Analytics.
– Hurricane Helene insured wind/surge property loss in Florida/Georgia initially mentioned $3bn – $5bn: CoreLogic.
– Losses to per-occurrence cat bonds from hurricane Helene at present seen as unlikely: Twelve Capital.
– Hurricane Helene landfall at Cat 4 140mph winds, Tampa Bay sees historic surge flooding.
– Hurricane Helene trade loss seen $3bn to $6bn if Tampa averted: Gallagher Re.
– Minimal to no cat bond affect anticipated from hurricane Helene if observe unchanged: Plenum.