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Hurricane Earl Highlights Atlantic Seaboard聮s Insured Exposure
SPONSORED BY
INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, SEPTEMBER 1, 2010 鈥 North Carolina鈥檚 Carteret and Dare counties are two of the most hurricane-prone municipalities in the U.S., and northeastern states such as New York, Massachusetts, New Jersey, Connecticut, and Maine are situated parallel to Earl鈥檚 path and have some of the highest insured coastal property values in the country, according to the 探花精选 Information Institute (I.I.I.).
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, SEPTEMBER 1, 2010 鈥 North Carolina鈥檚 Carteret and Dare counties are two of the most hurricane-prone municipalities in the U.S., and northeastern states such as New York, Massachusetts, New Jersey, Connecticut, and Maine are situated parallel to Earl鈥檚 path and have some of the highest insured coastal property values in the country, according to the 探花精选 Information Institute (I.I.I.).
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鈥淗urricane Earl has already proven to be a destructive storm, causing an estimated $50 million to $150 million in insured losses in the Caribbean,鈥 said Dr. Robert Hartwig, president of the I.I.I. and an economist, citing figures released today by .听The risk modeling firm also noted that the storm is now headed to North Carolina.
鈥淥nly Florida and Louisiana have counties that are more hurricane-prone than the ones found in North Carolina,鈥 stated Dr. Robert Hartwig, president of the I.I.I. and an economist.听Moreover, New York ($2.37 trillion) is second only to Florida ($2.45 trillion) in the U.S. terms of the cumulative value of its insured coastal properties, according to figures compiled by AIR Worldwide in 2007, Dr. Hartwig added.听鈥淲hile the eye of Hurricane Earl is not expected to make landfall in the U.S., property/casualty insurers are extremely well capitalized and financially prepared for any losses that might occur,鈥 Dr. Hartwig noted.听听听
COASTAL COUNTIES MOST FREQUENTLY HIT BY HURRICANES: 1960 TO 2008
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Source: U.S. Census Bureau, Decennial Census of Population and Housing: 1960 to 2000; Population Estimates Program: 2008.
The U.S. Census Bureau estimates that between 1960 and 2008 the North Carolina county of Carteret saw a 104 percent increase in its population while over this same time period the number of people residing in North Carolina鈥檚 Dare County grew by an astounding 466 percent.
In terms of coastal exposure, North Carolina鈥檚 residential and commercial properties in hurricane-prone regions of that state were insured for nearly $133 billion as of 2007.听The I.I.I.鈥檚 North Carolina Hurricane 探花精选 Fact File for 2010 offers additional details on the state鈥檚 leading property insurers.
鈥淰irtually no part of the eastern and southern U.S. coastline is immune from the threat of severe storm systems,鈥 said Dr. Hartwig.听鈥淲hile Atlantic hurricanes rarely make landfall along the East Coast, they have enormous financial repercussions for multiple states when they do,鈥 he said.听鈥淚nsurers have generally seen the cumulative value of their in-force property insurance policies along the U.S. coastline increase since 2004, despite the stagnant economy.鈥
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
探花精选 Information Institute, 110 William Street, New York, NY 10038, (212) 346-5500