Hurricane Francine Risks $1.5 Billion in Insured Losses as it Strikes Louisiana

Hurricane Francine, the sixth named storm of the 2024 Atlantic hurricane season, made landfall on September 11 as a Category 2 hurricane over Terrebonne Parish, Louisiana. With maximum sustained winds of 100 mph and gusts up to 105 mph, the storm brought significant wind and storm surge damage. CoreLogic estimates that insured losses may reach up to $1.5 billion, driven primarily by wind damage to residential properties in Louisiana, with Mississippi and Alabama experiencing minor impacts.

CoreLogic’s loss estimate includes damages to buildings, contents, and business interruptions but excludes losses from inland flooding and the National Flood Insurance Program (NFIP). The hardest-hit areas include the parishes of St. Mary, Terrebonne, Lafourche, and Ascension. However, Louisiana’s recent improvements in building codes and resilience helped mitigate total losses.

Although the region experienced widespread flooding, the sparsely populated landfall zone helped limit the damage. Hurricane Francine will likely be manageable for primary insurers and less severe than past storms like Hurricane Katrina, Rita, and Ida. Louisiana’s efforts to strengthen building codes have reduced the potential for catastrophic losses.