A catastrophe risk modeling firm, reporting on what it called an "alarming" development, said coastal area insured property values have grown at 7 percent a year since 2004.
Despite the devastating shore property damage inflicted by the 2005 hurricane season, the increase in "the number and value of exposed properties along the U.S. Gulf and East Coasts continues apace--and remains the largest factor affecting insurers' hurricane risk today," AIR Worldwide Corp said.
The Boston-based firm said from Dec. 31, 2004 to Dec.31, 2007 in New York and Florida alone, the insured value of residential and commercial properties in coastal counties passed $2 trillion dollars each.
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