This post is part of a series sponsored by CoreLogic.
The Atlantic and Gulf Coasts of the United States have entered the annual hurricane season, which begins June 1 and runs through the end of November. From Texas to Maine, people in affected areas are on high alert, especially as the 2023 hurricane season is expected to be active.
With a long hurricane season ahead, property and casualty insurers and restoration contractors need to prepare their operations for an increase in hurricane-related claims and restoration work. The National Oceanic and Atmospheric Administration (NOAA) predicts that the 2024 hurricane season will be comparable to or exceed the 2023 hurricane season, and insurers and restoration contractors need to understand the unique risks of the 2024 season.
La Niña will likely return to the Pacific, reducing vertical wind shear in the Atlantic. This, combined with the potential for record-breaking sea surface temperatures, creates favorable conditions for powerful hurricanes. NOAA’s 2024 hurricane season forecast predicts 17-25 named storms, 8-13 hurricanes, and 4-7 major hurricanes of Category 3 or higher.
But that’s only a small part of the 2024 hurricane season. Understanding weather concepts and knowing general numbers isn’t enough for businesses and homeowners to fully prepare for hurricane season. The 2024 CoreLogic Hurricane Risk Report provides a comprehensive analysis of hurricane risk in the United States, providing essential insights for property owners, insurers, and policymakers.
Use risk assessments to establish mitigation and recovery strategies
Insurers and their partners need to understand the type and level of risk to properties and communities in every location they insure. They need to know where structures are most vulnerable and what types of damage properties are susceptible to. For example, damage from wind is different than damage from flooding caused by storm surge.
This is where CoreLogic®, a leading provider of data and workflow technology solutions for the P&C insurance ecosystem, comes in. Each year, CoreLogic compiles a detailed report. Hurricane Risk Report Quantify and describe the magnitude of hurricane risk to the U.S. Atlantic and Gulf Coast states.
With CoreLogic’s reports, companies serving real estate can make informed decisions and develop effective, actionable plans for mitigation and recovery. Allocating and distributing the right types of resources to the right places can help mitigate the devastating economic impacts caused by hurricanes.
At a glance: CoreLogic 2024 Hurricane Risk Report
Created by the experts at CoreLogic 2024 Hurricane Risk Report We use proprietary data and technology, including hazard-specific risk models, to quantify the exposure of wind and storm surge risks to affected areas.
This year’s report identifies more than 32.7 million residential properties across the U.S. Gulf and East Coasts at moderate or greater risk of hurricane wind damage, with a total reconstruction cost value (RCV) of $10.8 trillion. In addition to wind damage, approximately 7.7 million of these properties are at risk of storm surge flooding, with an RCV of $2.3 trillion.
The area of the United States most likely to be hit by a hurricane is southeastern Florida, where Miami-Dade County is located.
Applying CoreLogic Risk Report Findings
of 2024 CoreLogic Hurricane Risk Report We don’t just reveal high-level information. We present detailed data with explanations and analysis to help readers understand all the factors that go into quantifying risk. We don’t just reveal high-level data. We present detailed data with explanations and analysis to help readers understand all the factors that go into quantifying risk.
Hurricanes have many facets, so insurers and restoration contractors need a multifaceted understanding of these perils and how they may impact their coverage areas throughout the year. It is important to go into the season with a comprehensive understanding of risk, as underestimating the impact of natural disasters can lead to a financial situation where expected and actual risks are mismatched and insurance claims exceed premiums collected. The resulting scenario could also put insurers and restoration contractors in a position where they are unable to fulfill their promises to policyholders.
Download the full 2024 CoreLogic Hurricane Risk Report Discover relevant data and insights about the current hurricane season. Applying this knowledge to hurricane preparedness and response planning can help speed recovery for people around the world.
©2024 CoreLogic, Inc. All rights reserved. While all content, data and information is believed to be accurate, CoreLogic makes no express or implied warranties, representations or guarantees, including without limitation, completeness, accuracy, applicability or suitability, with respect to the content, data, information or products referenced herein, and shall not be liable for any content, data, information or products referenced herein, or for any reliance thereon. CoreLogic® is a registered trademark of CoreLogic, Inc. or its affiliates or subsidiaries.
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