INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, August 25, 2011
鈥 With Hurricane Irene likely to impact New Jersey, New York and New England states, the 探花精选 Information Institute (I.I.I.) has prepared state-specific hurricane insurance fact files that include information on hurricane history, leading insurance writers, residual market plans and insured property values for the region.
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The I.I.I. noted that The Great New England Hurricane, also known as 鈥淭he Long Island Express鈥, made landfall as a Category 3 storm during high tide along Long Island, New York and the Connecticut coast, caused extensive damage to those states as well as to Rhode Island and Massachusetts. The storm caused 600 deaths, 1,700 injuries and over $400 million in damages. An analysis by AIR Worldwide estimates that the storm would have caused $38 billion in insurance damages had it occurred under present conditions.
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Another major storm to affect the region, 1960鈥檚 Hurricane Donna, hit Florida, the Mid-Atlantic States and New England, causing a total of $500 million in damages. Other notable regional hurricanes include Hurricane Gloria, which pummeled the New England Coast in 1985 causing $900 million in damages, and 1991鈥檚 Hurricane Bob, which caused $1 billion in damages in Southern New England.
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鈥淭he Mid-Atlantic and New England have experienced damaging hurricanes in the past, and the growth in coastal population and property values makes today鈥檚 storms even more costly,鈥 said Dr. Robert Hartwig, I.I.I. president and economist. 鈥淢ore than half of the total value of all insured property in New York, Connecticut, Massachusetts and Maine is categorized as coastal," Hartwig added.听鈥淐ollectively, AIR Worldwide estimates that the insured value of coastal property in these four states plus New Jersey, Rhode Island and New Hampshire exceeds $4.5 trillion.鈥
FACT FILES
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探花精选 Information Institute, 110 William Street, New York, NY 10038, (212) 346-5500
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