As the 2024 Atlantic Hurricane Season approaches, CoreLogic®, a leader in global property information, analytics and data-enabled solutions, released its 2024 Hurricane Risk Report, to help insurers and risk managers prepare for the approaching season. The report found that from Texas to Maine, more than 32.7 million residential properties are at risk of moderate or severe damage sustained from hurricane-force winds. This equates to a combined reconstruction cost of $10.8 trillion. It’s important to note that in the case of a hurricane, not all homes will experience a total loss.
The 2024 hurricane season is forecasted to be an active one, with La Niña conditions expected to return to the Pacific Ocean. This will reduce the amount of vertical windshear in the Atlantic Ocean. This, along with record high sea surface temperatures, are significant contributors to the level of activity in a hurricane season.
“Insurance remains one of the most important tools for a resilient society, given the role it plays in recovery. Being able to quantify risk helps insurance companies make informed risk decisions, which is critical in the evolving hurricane landscape,” said Maiclaire Bolton Smith, CoreLogic’s vice president, hazard and risk management. “With the potential for an active hurricane season on the horizon, insurers and homeowners should do everything they can to prepare and mitigate as much risk as possible.”
While looking at trends on a national scale is informative, it is individual communities that feel the impact of hurricanes the most. To contextualize the risk, the report focuses on three metro areas: New York, Houston and Miami. All three metro areas are densely populated, making it imperative to plan accordingly as direct hurricane landfall could be severe. The New York metro area has more than 3.7 million residential properties at risk while Houston and Miami each have more than 2 million residential properties at risk. Given their high population and large amount of infrastructure, hurricane damage could lead to notable disruptions.
Understanding risk is key to accelerating recovery and a resilient society. With its expansive property intelligence, CoreLogic remains committed to providing quality data and tools to measure risk effectively. For ongoing information about hurricane impacts throughout the season, visit CoreLogic’s Hazard HQ Command Central™.
About CoreLogic
CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit www.corelogic.com.