MEDIA ADVISORY: I.I.I. Experts Available to Discuss Disaster Preparedness, Hurricanes and Insurance as Hurricane Joaquin Moves toward the Atlantic Seaboard
October 1, 2015
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TOP 10 MOST COSTLY HURRICANES IN THE UNITED STATES (1)
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DOWNLOAD TO PDF FOR IMMEDIATE RELEASE New York Press Office: (212) 346-5500; [email protected]
NEW YORK, October 1, 2015 — Reporters covering Hurricane Joaquin, which could bring heavy rains, flooding and strong winds to the East Coast as early as this weekend, are encouraged to contact the Insurance Information Institute (I.I.I.).
Joaquin is the third hurricane to form in the Atlantic Ocean this year. The other two—Hurricanes Danny and Fred—materialized in August but posed no threat to the United States. Whether Joaquin will make landfall in the U.S., and at what intensity, remains an open question.
“Joaquin has strengthened into a hurricane and while there is still much uncertainty in its path, people along the U.S. East Coast should monitor the National Hurricane Center and local NWS [National Weather Service] forecast offices, as well as local media, for the latest updates and be sure to have a plan in place should Joaquin threaten their area,” the National Oceanic and Atmospheric Administration (NOAA) stated, on its website yesterday (Sept. 30).
Seven of the 10 costliest hurricanes in U.S. history, as defined by insurance claim payouts, occurred in either September or October.
TOP 10 MOST COSTLY HURRICANES IN THE UNITED STATES (1)
($ millions)
Estimated insured loss (2) Rank Date Location Hurricane Dollars In 2014 when dollars occurred (3)
1 Aug. 25- AL, FL, GA, LA, MS, TN Hurricane $41,100 $48,383 30, 2005 Katrina 2 Aug. 24- FL, LA Hurricane 15,500 23,785 26, 1992 Andrew Estimated 3 Oct. 28- CT, DC, DE, MA, MD, ME, NC, NH, NJ, Hurricane 18,750 19,307 insured loss (2) 31, 2012 NY, OH, PA, RI, VA, VT, WV Sandy Rank Date Location Hurricane Dollars In 2014 4 Sep. 12- AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane 12,500 13,639 when dollars 14, 2008 Ike occurred (3) 5 Oct. 24, FL Hurricane 10,300 12,125 2005 Wilma 6 Aug. 13- FL, NC, SC Hurricane 7,475 9,083 14, 2004 Charley 7 Sep. 15- AL, DE, FL, GA, LA, MD, MS, NC, NJ, Hurricane 7,110 8,639 21, 2004 NY, OH, PA, TN, VA, WV Ivan 8 Sep. 17- GA, NC, PR, SC, UV, VA Hurricane 4,195 7,055 22, 1989 Hugo 9 Sep. 20- AL, AR, FL, LA, MS, TN, TX Hurricane 5,627 6,624 26, 2005 Rita 10 Sep. 3-9, FL, GA, NC, NY, SC Hurricane 4,595 5,583 2004 Frances
(1) Includes hurricanes occurring through 2014. (2) Property coverage only. Excludes flood damage covered by the federally administered National Flood Insurance Program. (3) Adjusted for inflation through 2014 by ISO using the GDP implicit price deflator.
Source: Property Claim Services (PCS), a Verisk Analytics business.
Wind damage from tropical storms and hurricanes is covered under standard homeowners, renters and business insurance policies. Flood damage resulting from storm surge caused by hurricanes is excluded under standard policies; flood coverage is available, however, from FEMA’s National Flood Insurance Program (NFIP) and from a few private insurance companies.
Damage to cars from tropical storms or hurricanes is covered under the optional comprehensive portion of an auto insurance policy. This includes wind damage, flooding and even falling objects such as tree limbs.
The I.I.I. has subject matter experts in Florida, Georgia, and New York available to discuss the potential insurance implications of Joaquin, such as what is and is not covered under standard property/casualty policies and the insurance industry’s ability to pay hurricane-caused auto, home and business insurance claims. Their names, and contact information, are below:
Florida:
Lynne McChristian, Cell Phone Number: 813-480-6446, email: [email protected]
Elianne González (Spanish-language), Cell #: 954-684-4410, email: [email protected]
Georgia:
Bill Davis, Southeastern Media Representative: Cell #: 770-331-9279; email: [email protected]
New York:
Dr. Robert Hartwig, CPCU President of the I.I.I. and economist: Cell #: 917-453-1885; email: [email protected]
Michael Barry Vice President, Media Relations: Cell #: 917-923-8245; email: [email protected]
Jeanne Salvatore Senior Vice President, Chief Communications Officer: Cell #: 917-612-4088; email: [email protected]
Loretta Worters Vice President, Communications: Cell #: 917-620-0982; email: [email protected]
The following online resources are also available to reporters:
RESEARCH AND ANALYSIS
Issues Update: Catastrophes – Insurance Issues
Issues Update: Hurricane and Windstorm Deductibles
Issues Update: Flood Insurance
White Paper: Residual Market Property Plans – From Markets of Last Resort to Markets of First Choice
FACTS AND STATISTICS
Hurricanes
Hurricane Fact Files and Market Share by State
Flood Insurance
CONSUMER INFORMATION
Homeowners and Renters Insurance
Insuring Your Business: Small Business Owners’ Guide to Insurance
VIDEOS
Making Your Home More Hurricane-Resistant: Five Steps
Are You Underinsured?
Don’t Be a Dummy About Flood Insurance
Filing a Homeowners Insurance Claim: Six Steps Disaster Planning with Pets
Home Inventory Software
The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org
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