Coastal Construction Growth Promises More Builders Claims For Natural Catastrophe Damage

 Friday, September 22, 2017

 The CLM

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.
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