Coastal Construction Growth Promises More Builders Claims For Natural Catastrophe Damage

According to the Insurance Information Institute, 2016 insured natural disasters in the United States accounted for more than $23.8 billion in damages. Worldwide, the total estimated damages attributable to natural disasters was $175 billion. Last year marked the end of a four-year downward trend in damages from natural disasters since Hurricane Sandy in 2012. In 2012, the storm—officially named “Superstorm” Sandy—generated losses in excess of $70 billion in the New York and New Jersey area, causing damage to more than 650,000 housing units. Insured losses amounted to $25.85 billion either through private insurance or the National Flood Insurance Program.