As the 2023 Atlantic Hurricane Season begins, it has been revealed that more than 33 million properties in the US are at risk of damage from hurricane-force winds.
In its 2023 Hurricane Risk Report, leading analytics and data-enabled solutions provider CoreLogic, identified more than 32 million single-family residences (SFRs), as well as an additional 1 million multifamily residences (MFRs) is moderate, or more. high risk of sustaining damage from the strong winds of the typhoon.
According to the data, this damage could have a combined reconstruction cost value (RCV) of $11.6 trillion.
Approximately 7.8 million homes, with a combined RCV of $2.6 trillion, have direct or indirect coastal exposure, therefore making them vulnerable to storm surge flooding.
Elsewhere, CoreLogic also discovered that a significant amount of the US metro is at greater risk of storm damage, with more than 4.3 million SFRs and MFRs in the New York City metro area at risk from strong winds in typhoon
These assets, spanning New York City, Newark and Jersey City, equate to a combined RCV of $2.4 trillion at risk. Other major metro areas with high risk of hurricane-force winds are Houston-Woodlands-Sugar Land and Miami-Ft. Lauderdale-Pompano Beach areas with 2.1 million SFR and MFR, respectively, and a combined RCV of $649.8 and $585.0 billion, respectively.
Tom Larsen, Senior Director for CoreLogic Insurance Solutions, commented: “CoreLogic remains committed to empowering the industry with reliable insights and innovative solutions that help protect people, businesses and communities from growing impact of climate change. Insurers and lenders must adapt to these changes by deepening their understanding of property risk, adopting proactive loss prevention measures and collaborating with stakeholders across the industry to ensure long-term stability.
In addition, CoreLogic also analyzes historical data, climate patterns and predictive models with its property database and suite of climate change models to predict the potential impacts of hurricanes. on the coast and adjacent regions in the middle of the century. The data strongly suggest that by 2050, stronger storms, rising sea levels and warmer atmospheric temperatures will give storms a greater capacity to hold more moisture.
