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A neighborhood remains flooded after Hurricane Ian in Florida, on September 29, 2022 .
Gerardo Mora/Getty Images
The full damage of Hurricane Ian is being assessed, but one firm estimates it could be one of the costliest storms in US history.
CoreLogic, a research firm, predicts total losses will be between $28 billion and $47 billion.
The firm estimates that a record number of homes and properties were lost due to Hurricane Ian's destruction.
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.
Katrina (2005)Crushed cars from partial building collapse after hurricane Katrina
Getty Images
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.
Hurricane Harvey (2017)A home is surrounded by floodwaters after Hurricane Harvey in Texas.
Justin Sullivan/Getty Images
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.
Hurricane Maria (2017)A man walks through a road that has been turned into a river caused by heavy rains after Hurricane Maria in Puerto Rico
Joe Raedle/Getty Images
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.
Hurricane Sandy (2012)Damage on Jersey shore from Hurricane Sandy
Mario Tama/Getty Images
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.
Hurricane Ida (2021)Hurricane Ida hits US east coast with flash floods
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.
Hurricane Irma (2017)Devastation caused by Hurricane Irma
Spencer Platt/Getty Images
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.
Hurricane Andrew (1992)Devastation caused by Hurricane Andrew
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.
Hurricane Ian (2022, estimated)Hurricane Ian flooded neighborhoods like this one in Fort Myers, Florida.
Photo by Ricardo Arduengo/AFP via Getty Images
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.
Hurricane Ike (2008)Rescue search after Hurricane Ike
Paul Flipse/US Air Force via Getty Images
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.
Hurricane Ivan (2004)Workers in Florida remove debris after Hurricane Ivan
Stephen Morton/Getty Images
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.
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