Reinsurance News

Increased population in the path of hurricanes – Triple I

15th July 2022 - Author: Daniel Jackson

The populations of Florida, South Carolina, Georgia, and Delaware are growing dramatically. And that puts a greater number of people in the paths of hurricanes, and increases the property damage a hurricane could cause in those states, according to a new report from Triple-I.

The company, citing US census data from 2020, says the double-digit percentage population growth breaks down as follows:  Florida (+14.6 percent), South Carolina (+10.7 percent), Georgia (+10.6 percent), and Delaware (+10.2 percent).

The report offers three pieces of insurance advice to those in hurricane-prone states: Check your homeowners’ insurance policy to make sure the structure’s policy limit is high enough to rebuild the home in the event of a total loss, review your policy for hurricane deductibles; and consider purchasing a flood insurance policy.

“The 2022 Atlantic hurricane season is expected to be “well above average” in terms of the number of named storms, hurricanes, and “major” (Category 3, 4, or 5) hurricanes,”the company says in its latest briefing, “Hurricanes: State of the Risk”.

“Insured losses from hurricanes have risen over the past 15 years as hurricane activity has intensified. When adjusted for inflation, nine of the 10 costliest hurricanes in US history have struck since 2005. In addition to increased storm activity, coastal construction has continued, and property values risen, resulting in higher loss exposure.”

AmericanAg - Global Reinsurance Solutions

Colorado State University’s Department of Atmospheric Science last week projected the formation of 17 more named storms this year, on top of the three (Alex, Bonnie, and Colin) which have already developed.

Print Friendly, PDF & Email

Recent Reinsurance News