Zinger Key Points
- Hurricane Helene left over 130 dead and almost a million customers still without power, as of Tuesday.
- Insurers expect relatively low exposure; several REITs report minimal damage.
- Discover Fast-Growing Stocks Every Month
Hurricane Helene’s devastation claimed the lives of more than 130 people and left nearly 800,000 without power, according to the latest figures. The storm, which made landfall on September 26, tore through the Florida Panhandle, Georgia and North and South Carolina.
New Developments: Bloomberg reported that the Hurricane Helene death toll reached 139 on Tuesday.
Duke Energy Corp DUK, the largest utility provider in North Carolina and South Carolina, reported over two million customers experienced an electricity outage. On Monday, the Charlotte-based provider announced it had restored power to 1,350,000 customers without power.
About 443,000 customers in South Carolina remained without power; a slightly smaller 346,000 customers in North Carolina are still experiencing outages. Duke Energy expects to restore most remaining outages by Friday night, though it noted that it will be more difficult in inaccessible areas.
Even though the process of estimating the storm's insurance losses is ongoing, insurers likely will face comparatively less exposure to Hurricane Helene than initially thought. According to the Wall Street Journal, citing industry sources, reinsurers will not face catastrophic losses.
The total economic loss — including the uninsured damage incurred — is projected to be much graver. Moody's Analytics estimated the economic damage from the hurricane to be between $20 billion to $34 billion.
American International Group Inc AIG, Axa SA ADR AXAHY, Berkshire Hathaway Inc BRKBRK and Allstate Corp ALL are among the largest flood insurers in North Carolina, according to WRAL News.
REITs Report Limited Damage: Several REITs with properties in Florida, Georgia and the Carolinas reported little to no damage following the storm.
In a Tuesday press release, Sun Communities, Inc SUI reported no material building or structure damage due to the hurricane. The company operates communities in several affected states. NexPoint Residential Trust, Inc NXRT and Pebblebrook Hotel Trust PEB issued similar statements.
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Photo: Courtesy Florida Fish & Wildlife via Flickr Creative Commons
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