Hurricane Ian is the most recent reminder that it takes just one hurricane to cause widespread damage. The September 2022 storm was responsible for $112.9 billion in damage, according to the National Oceanic and Atmospheric Administration.
"During last year's hurricane season, especially in Florida and Puerto Rico, we witnessed the overwhelming damage these storms so often leave in their wake," President Joe Biden said in a release marking Hurricane Preparedness Week (April 30-May 6). "Families lost their homes. Business owners lost their livelihoods. Survivors were left with unimaginable grief. As the climate crisis intensifies, the impacts of storm surges, flooding, mudslides, and heavy rainfall will only increase, and communities that lack the resources to respond and recover will be hit hardest."
Making matters worse, home replacement costs have escalated more than 55% since 2019, according to Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I). Higher costs around building materials and labor were major drivers of these increase.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
