Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season.
The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to severe damage due to hurricane-force winds, with a total reconstruction cost of $10.8 trillion. It’s crucial to note that not all affected homes will experience complete destruction in a hurricane.
“Insurance remains one of the most important tools for a resilient society, given the role it plays in recovery. Being able to quantify risk helps insurance companies make informed risk decisions, which is critical in the evolving hurricane landscape,” commented Maiclaire Bolton Smith, CoreLogic’s Vice President, Hazard and Risk Management.
“With the potential for an active hurricane season on the horizon, insurers and homeowners should do everything they can to prepare and mitigate as much risk as possible.”
While national trends provide valuable insights, the real impact of hurricanes is felt most acutely by individual communities. The report zeroes in on three major metropolitan areas: New York, Houston, and Miami. These densely populated areas must prioritise planning due to the potential severity of direct hurricane landfall.
In the New York metro area, over 3.7 million residential properties are at risk. Both Houston and Miami face risks to more than 2 million homes each. The high population density and extensive infrastructure in these regions mean that hurricane damage could cause significant disruptions.
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