Get Ready for a Stormy Season: 2024 Slated To Be An Active Hurricane Year
National Hurricane Preparedness Week is May 5th-11th
As the Atlantic gears up for what could be a remarkably intense hurricane season, officially starting June 1 and extending through November 30, the Triple-I has issued a new warning urging insurance professionals and policyholders to brace themselves.
According to this year’s predictions by the Colorado State University Tropical Meteorology Project, all indications point to 2024 being a potentially historic season, with forecasts suggesting 23 named storms, 11 hurricanes, and five major hurricanes—a significant increase from the seasonal averages. A typical Atlantic hurricane season has 14 named storms, seven hurricanes and three major hurricanes.
“During National Hurricane Preparedness Week, everyone who lives in a hurricane-prone community should take a few moments to ensure they have adequate financial protection for their property and possessions, while also taking steps to make their home or business more resilient to the impacts of wind and water,” said Triple-I CEO Sean Kevelighan.
“History has proven states along the Gulf and East coasts face the prospect of catastrophic, hurricane-caused property damage. With more Americans living in harm’s way than ever before, it is critical for everyone residing in a hurricane-prone community to make preparedness a priority for the upcoming season,” Kevelighan added.
Spearheaded by the National Oceanic and Atmospheric Administration (NOAA), National Hurricane Preparedness Week starts on Sunday, May 5, and continues through Saturday, May 11.
Top 10 Costliest Hurricanes
The following charts provided by Triple-I, below shows insured losses in dollars for the top 10 costliest hurricanes in the United States when they occurred and in 2023 dollars adjusted for inflation followed by the Top 5 Metropolitan Areas At Risk for Storm Surge and Hurricane Wind, 2023.
According to Aon, Katrina was the costliest hurricane on record, causing $65 billion in insured losses in 2005, including losses from the National Flood Insurance Program (NFIP). Losses from Katrina totaled $101.9 billion in 2023 dollars.
Estimated insured lossRankYearHurricaneDollars when occurredIn 2023 dollars (2)12005Hurricane Katrina$65,000$101,86522022Hurricane Ian54,00055,77232021Hurricane Ida36,00040,50342012Hurricane Sandy30,00039,91852017Hurricane Harvey30,00037,60962017Hurricane Irma30,05037,47372017Hurricane Maria29,51136,80281992Hurricane Andrew16,00034,95192008Hurricane Ike18,20025,604102005Hurricane Wilma10,70016,5331) Includes Puerto Rico and the U.S. Virgin Islands and losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Includes hurricanes that occurred through 2023. Subject to change as loss estimates are further developed. As of January 2024. Ranked on insured losses in 2023 dollars.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.
Source: Aon.
Top 5 Metropolitan Areas At Risk for Storm Surge and Hurricane Wind, 2023
Single-family (1) At risk for storm surge At risk for hurricane windRank (2)Metropolitan areaNumberReconstruction
cost value (2)
($ billions)Rank (2)Metropolitan areaNumberReconstruction
cost value (2)
($ billions)1 New York, Newark, Jersey City788,261$406.41 New York, Newark, Jersey City3,825,243$2,145.62Miami, Fort Lauderdale, Pompano Beach746,602211.42Houston, The Woodlands, Sugar Land2,085,879643.13Tampa, St. Petersberg, Clearwater540,411145.53Miami, Fort Lauderdale, Pompano Beach2,018,040562.94New Orleans, Metairie405,975127.04Philadelphia, Camden, Wilmington1,927,600862.75Virginia Beach, Norfolk, Newport News399,326122.75Washington DC, Arlington, Alexandria1,766,435704.8Source: Triple-I
Multi-family (3) At risk for storm surge At risk for hurricane windRank (2)Metropolitan areaNumberReconstruction
cost value (2)
($ billions)Rank (2)Metropolitan areaNumberReconstruction
cost value (2)
($ billions)1 New York, Newark, Jersey City111,165$66.91 New York, Newark, Jersey City467,227$278.12Miami, Fort Lauderdale, Pompano Beach31,4289.92Washington DC, Arlington, Alexandria100,64926.53Boston, Cambridge, Newton26,81114.83Boston, Cambridge, Newton82,78062.24Cape Coral, Fort Myers13,8944.84Miami, Fort Lauderdale, Pompano Beach64,90222.15Tampa, St. Petersberg, Clearwater12,5724.45Philadelphia, Camden, Wilmington59,20836.1Source: Triple-I
Triple-I offers tips to share with your insureds to better prepare for a hurricane
Conduct an Annual Insurance Review:
With construction costs having surged over 55% since 2019, it’s vital to check that your insurance coverage meets your current needs. Homeowners should verify the adequacy of their coverage for rebuilding or repairing their homes, replacing contents, and covering living expenses during repairs. It’s also the right time to consider flood insurance, which is not typically covered under standard policies but is crucial given that most U.S. natural disasters involve flooding.
Protect Your Vehicles:
For vehicle owners, opting for comprehensive auto insurance is advisable. This optional coverage protects against non-collision related incidents such as theft, fire, and natural disasters, including hurricanes.
Secure Your Personal Property:
Understanding the potential out-of-pocket costs to replace personal possessions after a storm is vital. Homeowners, condo owners, and renters should ensure their policies cover the replacement costs or the actual cash value of their belongings. Creating a detailed inventory, including photos or videos of your possessions, can significantly streamline the claims process post-storm.
Enhance Property Resilience:
Investing in preventative measures can mitigate the impact of hurricanes. Simple upgrades like installing roof tie-downs, wind-rated garage doors, and storm shutters can make a substantial difference. Annual roof inspections by qualified professionals are also recommended to ensure your home can withstand severe weather conditions.
