This post is part of a series sponsored by CoreLogic.
The Atlantic and Gulf coasts of the United States are officially in hurricane season, which begins June 1 each year and runs through the end of November. People in affected areas, from Texas to Maine, are on high alert, especially after an active 2023 hurricane season.
With a long hurricane season ahead, property insurers and restoration companies must prepare for an increase in hurricane-related damage and restoration work. You need to understand the specific risks of the 2024 season, which the National Oceanic and Atmospheric Administration (NOAA) predicts will rival or exceed those of 2023.
There is a high probability that La Niña conditions will return in the Pacific Ocean, which would reduce vertical wind shear in the Atlantic Ocean. Combined with potentially record-breaking sea surface temperatures, conditions are ideal for strong hurricanes. The NOAA 2024 Hurricane Season Outlook forecasts 17 to 25 named storms, eight to 13 hurricanes and four to seven major hurricanes – or Category 3 or higher.
However, this only scratches the surface of the 2024 hurricane season. Understanding weather concepts and knowing general numbers are not enough for businesses and homeowners to adequately prepare for hurricane season. The 2024 CoreLogic Hurricane Risk Report provides a comprehensive analysis of U.S. hurricane risk and provides key insights for property owners, insurers and policymakers.
Using risk assessments to determine mitigation and recovery strategies
Insurance carriers and their partners must understand the types and extent of these risks to properties and communities in each area they cover. They need to target the locations where the structures are most affected and what type of damage the properties are vulnerable to. Wind damage, for example, is of a different nature than damage caused by storm surges.
This is where CoreLogic® comes into play – the leading provider of data and workflow technology solutions for the property insurance industry. Each year, CoreLogic produces a detailed hurricane risk report to quantify and explain the extent of hurricane risk to the U.S. Atlantic and Gulf States.
Based on CoreLogic’s report, companies managing real estate can make informed decisions to create effective and practical mitigation and recovery plans. Allocating and distributing the right types of resources to the right places will reduce the catastrophic financial impact that hurricanes can bring.
At a Glance: CoreLogic’s 2024 Hurricane Risk Report
CoreLogic experts created the 2024 Hurricane Risk Report using proprietary data and technology, including hazard-specific risk models, to quantify the exposure of affected areas to wind and storm surge risks.
This year’s report identifies more than 32.7 million residential properties on the U.S. Gulf and East Coast that are 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 a damages value of $2.3 trillion.
The region most likely for a hurricane to make landfall in the United States is southeast Florida, home to Miami-Dade County.
Apply the CoreLogic risk report results
The 2024 CoreLogic Hurricane Risk Report does more than just disclose high-level information. It presents detailed data as well as explanations and analysis so that readers can familiarize themselves with all the factors involved in quantifying risk. offers more than just high-level data disclosure. It presents data as well as explanations and analysis so that readers can familiarize themselves with all the factors involved in quantifying risk.
Hurricanes have so many layers that insurance carriers and restoration companies must have a multi-dimensional understanding of these hazards and their likely impact on their coverage areas for the remainder of the year. It is important to approach the season with a comprehensive understanding of risk, as underestimating the impact of natural disasters creates a mismatch between expected and actual risk, potentially leading to a financial situation in which insurance payouts exceed premiums collected. The resulting scenarios can also result in carriers and restorers being unable to keep their promises to policyholders.
Download the full 2024 CoreLogic Hurricane Risk Report for relevant data and insights on the current hurricane season. By applying this knowledge to your hurricane preparedness and response plans, you will accelerate the recovery of people around the world.
©2024 CoreLogic, Inc. All rights reserved. Although all content, data and information are believed to be accurate, CoreLogic makes no guarantee, representation or warranty, express or implied, including but not limited to the completeness, accuracy, applicability or suitability in connection with the content, data or information or the products referenced herein and assumes no responsibility or liability for the content, data, information or products referenced herein or for any reliance placed thereon. CoreLogic® is the registered trademark of CoreLogic, Inc. or its affiliates or subsidiaries.
subjects
Catastrophe, natural disaster, storm, hurricane
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2024-06-07 18:57:35
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