The Cost of Hurricane Matthew

An accomplished Phoenix-area financial advisor, Darcy Bergen holds official status as a Certified Retirement Financial Advisor. Since 2003, Darcy Bergen has served as president of the Bergen Financial Group in Greater Phoenix, Arizona. 

On October 10, 2016, the group published a preliminary examination of the financial toll of Hurricane Matthew. A Category 1 hurricane with wind speeds of 75 miles per hour, Hurricane Matthew hit the southeastern United States on October 8, 2016. The storm produced a peak surge of 9.88 feet above normal, resulting in surge flooding of as much as 2.5 feet above ground level.

Titled How Much Will Hurricane Matthew Cost?,  the Bergen Financial Group article uses specific data from past hurricanes, such as Sandy and Katrina, to estimate the overall cost of Hurricane Matthew. Although some estimates at the time ran considerably higher, the article ultimately concluded that total property insurance claims would range between $4 billion and $6 billion. These figures echoed future studies by the real estate data provider CoreLogic. However, after taking into consideration lasting effects such as closed businesses and loss of jobs, the true cost of Hurricane Matthew is likely to reach $10 billion.

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