The scope of Hurricane Ian's destruction is still being assessed, but one firm says that the storm will cost insurance companies billions in damages.
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The full scope of Hurricane Ian's destruction is still being assessed, but one firm predicts that the massive storm will end up costing insurance companies billions of dollars in damages.
CoreLogic, a research company that estimates storm damage, estimated on late Thursday night that losses due to Hurricane Ian could fall between $28 billion and $47 billion, making it Florida's costliest storm since Hurricane Andrew in 1992.
The hurricane first made landfall in Florida on Wednesday and made a second landfall in South Carolina on Friday. CoreLogic's researchers predict that a record number of homes and properties have been lost due to the storm's "intense and destructive characteristics."
"Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency, and insurance will become less accessible in regions like Florida," said Tom Larsen, a CoreLogic executive, in a press release.
The firm also predicts that rising inflation and interest rates will cause a slower and more difficult rebuilding process than in years past.
If the higher end of CoreLogic's estimates turn out to be accurate, Hurricane Ian could be one of the costliest storms for insurance companies in US history, when adjusting for inflation.
See the list of the most expensive storms, according to data gathered by the National Oceanic and Atmospheric Administration.
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Total losses: $186.3 billion.
Hurricane Katrina was a Category 3 storm when it made landfall. It devastated Alabama, Louisiana, and Mississippi. The city of New Orleans was particularly hit hard after levees in the city broke and caused massive flooding.
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Total losses: $148.8 billion.
Hurricane Harvey was the first major hurricane to make landfall along the Middle Texas Coast since the 1970s. Harvey caused temporary halts to onshore and offshore oil production in Texas, adding to the storm's costs.
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Total losses: $107.1 billion.
Hurricane Maria made landfall in Puerto Rico as a Category 4 storm. Many residents of Puerto Rico had no power or running water for months after the storm.
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Total losses: $81.9 billion.
Hurricane Sandy caused extensive damage to 24 states, including the entire East Coast from Florida to Maine, and it produced the highest waves ever recorded in the western Atlantic.
Tayfun Coskun/Anadolu Agency via Getty Images
Total losses: $78.7 billion.
Hurricane Ida was a Category 4 storm that made landfall in Louisiana. It was the second-most damaging hurricane in that state after Katrina.
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Total losses: $59.5 billion.
Hurricane Irma first made landfall as a Category 2 storm in Cuba, but it later intensified to a Category 4 storm when it traveled to Florida. More than 6 million people were ordered to evacuate as a result of the storm.
Raymond Gehman
Total losses: $55.9 billion.
Hurricane Andrew was a Category 5 storm that struck the Bahamas, Florida, and Louisiana. It was the most expensive hurricane in US history before being surpassed by Katrina.
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If CoreLogic's higher-end estimates turn out to be accurate, Hurricane Ian may be the 8th costliest hurricane in US history. "As many have said, Hurricane Ian is going to be a storm that we talk about for decades," FEMA Director Deanne Criswell told ABC News on Friday.
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Total losses: $40.2 billion.
Hurricane Ike resulted in a deadly storm surge that affected parts of Texas and Louisiana's coasts. It made landfall in Galveston, TX, in September 2008 as a Category 2 storm.
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Total losses: $31.6 billion.
Hurricane Ivan's destruction was caused partly by how long it lasted. The storm formed on September 2, 2004, and it did not dissipate until September 25. It affected Alabama, Florida, Texas, Louisiana, and much of the eastern US.
