Chubb Are You Disaster Ready? White Paper 7.09.20
Are You Disaster-Ready? What You Need to Know Before Hurricane Season Introduction In 2019, Chubb published a White Paper entitled “Staying Ahead of the Storm: Preparing for Upcoming Hurricane Seasons,” which noted that major hurricanes during the two previous years, 2017 and 2018, caused storm-related damage totaling hundreds of billions of dollars, while at the same time outlining the lessons learned for mitigating hurricane losses in the future. The 2019 hurricane season was not nearly as costly as the previous two. However, hurricanes in 2019 did cause above-average property damage for the fourth year in a row1, highlighting the critical importance of applying risk management lessons learned from year to year. 1 Are You Disaster-Ready? What You Need to Know Before Hurricane Season The 2019 Storm Season At the same time, Hurricane Barry pummeled Louisiana as a Category 1 Impact of the The 2019 hurricane season was also the storm, dropping heavy rainfall in that 2019 Storm Season fourth most active on record for named state as well as Arkansas, and costing Atlantic storms. Producing 18 named $600 million.3 storms and 20 cyclones, the damage left behind totaled $11.6 billion.2 Hurricanes in 2019 caused above- During 2019, two hurricanes reached average property damage for the Category 5 status: Hurricane Dorian fourth year in a row, highlighting the critical importance of applying risk • Hurricane Dorian hit the Virgin Islands, Bahamas, and Eastern seaboard, leaving behind management lessons learned from $4.68 Billion $4.68 billion worth of estimated damage, year to year. • Hurricane Lorenzo and Hurricane Lorenzo, formed of the western coast of Africa, made its Since tropical storms and hurricanes $362 Million way north to the United Kingdom and deliver overpowering wind, rain, and Ireland, damaging the Azores along the • Tropical Storm Imelda fooding that can cause structural and way, causing estimated damages around environmental devastation, strategies $5 Billion $362 million.
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