The analytical company has published its annual Natural Hazard report, which analyzes the hazard activity in the US, as well as various international events, including typhoons and cyclones in Japan, Oman, Hong Kong and the Philippines.
"In 2018, the US continued to experience adverse weather and natural disasters in areas with high exposure and, in some cases, in regions that were affected in less than a year before," said Howard Botts, senior scientist at CoreLogic. "Risks will always pose a real threat to homes and businesses, and knowing exactly what that risk entails is crucial to provide adequate protection against the financial catastrophes that so often follow natural disasters."
Highlights of the report include:
- More than 1600 major floods took place in the US in 2018, 59% of which were related to flooding.
- Residential and commercial damage caused by flooding in North Carolina, South Carolina and Virginia from Hurricane Florence is estimated at $ 19 billion to $ 28.5 billion. Approximately 85% of the residential flood losses were not insured.
- Several states, including Texas, the Carolinas, Maryland and Wisconsin, have experienced a 1000-year flood; several floods in 2018 occurred less than two years after the floods of the past 1,000 years in the same areas.
- Six percent (6%) of US property are located in special areas where there is a risk of flooding, but only about a third of these properties have flood insurance.
- The hurricane season 2018 saw 15 storms, eight of which were hurricanes. Two of these, Florence and Michael, came ashore in the US. 2018 marked the third consecutive season of above-average hurricane activity in the Atlantic.
- Approximately 700,000 residential and commercial properties have experienced catastrophic floods and wind damage from Hurricane Florence, which has estimated to have generated between $ 20 and 30 billion of insured and uninsured losses.
- Hurricane Michael was the strongest hurricane to land in the Florida Panhandle since 1900, and the strongest is to make land attacks in the US since hurricane Andrew in 1992. Michael has an estimated $ 2.5 billion to $ 4 billion in residential and commercial losses caused by wind and storm surge.
- The number of hectares burned by wildfire last year is the eighth highest point in American history.
- Eleven Western states had at least one wildfire that burned more than 50,000 hectares; the leading states were California and Oregon, each of which had seven fires burning more than 50,000 hectares.
- The campfire in California in November 2018 nearly destroyed the entire city of paradise and damaged or destroyed 18,804 structures.
- Woolsey wildfire in Malibu devastated more than 1,600 structures.
- The total insured and uninsured loss for the forest fires in Camp and Woolsey is estimated at $ 15 billion to $ 19 billion, according to CoreLogic.