Over the past three years, the insured value of properties in coastal areas of the U.S. continued to grow at a compound annual growth rate of more than 7 percent, according to a report by catastrophe risk modeling firm AIR Worldwide Corp.

Despite the recent weakening of the real estate market in many areas, the insured value has maintained an annual growth rate that will lead to a doubling of the total value every decade.

As a result of Hurricane Katrina, the total insured value of properties in the coastal counties of Louisiana has grown at just more than two percent, which is the lowest compound average annual rate of all coastal states. Mississippi coastal counties averaged a five percent annual increase, the second lowest of all coastal states. The insured value of residential and commercial properties in coastal counties of Florida and New York passed two trillion dollars each.

Overall, 38 percent of the total exposure in Gulf and East Coast states is located in coastal counties, which accounts for nearly 17 percent of the total value of properties in the U.S.

The complete report is available at:
www.air-worldwide.com/_public/images/pdf/AIR2008_Coastline_at_Risk.pdf.

For more information, visit www.air-worldwide.com.

Special Reports /

Insured value of properties in coastal areas to double in ten years: AIR Worldwide Analysis

Related Stories

Recommended For You