CoreLogic’s 2024 Report Analyzes Hurricane Risk for U.S. Gulf and Atlantic States (CoreLogic)

CoreLogic’s 2024 Report Analyzes Hurricane Risk for U.S. Gulf and Atlantic States

Thursday, May 30th, 2024 Catastrophe Insurance Industry Property Risk Management

Hurricanes are among the most destructive natural disasters, causing billions in damages and affecting millions of people. Accurate hurricane risk assessment is essential for the insurance, real estate, banking, and emergency management sectors to develop effective risk mitigation strategies. CoreLogic’s 2024 Hurricane Risk Report quantifies and explains the hurricane risk for the U.S. Atlantic and Gulf states. The report highlights the importance of annual risk assessment updates to reflect changing environmental conditions and exposure shifts.

In 2023, the Atlantic hurricane season saw 20 named storms, with one significant landfall in the U.S. as Hurricane Idalia. For 2024, NOAA predicts a high level of activity with 17-25 named storms and 4-7 major hurricanes. Key factors include near-record high Atlantic sea surface temperatures and the onset of La Niña conditions. CoreLogic’s report provides detailed risk scores for wind and storm surge, helping property owners, insurers, and policymakers understand and prepare for hurricane risks.

The report also addresses the protection gap—the difference between the ground-up damage and gross losses covered by insurance. Reducing this gap is crucial for enhancing resilience and ensuring a swift recovery. CoreLogic’s data and tools help stakeholders make informed decisions to mitigate future losses.

Claims Pages Staff Writers are dedicated professionals covering a broad spectrum of insurance topics, including auto, catastrophe, education & training, fraud, legislation, liability, life & health, litigation, property, risk management, technology, underwriting, and workers' compensation. With over 25 years of distribution, our publication brings you accurate and timely information to keep you informed and ahead in the claims industry.

External References & Further Reading

Mid-America Catastrophe ServicesHancock Claims Consultants LLCGRIP(Globe Roof Inspection Program)

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