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KCC Issues Report on Historical Hurricanes That Would Cause $10 Billion or More in Insured Losses Today

August 30, 2012 Comments off

KCC Issues Report on Historical Hurricanes That Would Cause $10 Billion or More in Insured Losses Today
Source: Karen Clark & Company

Karen Clark & Company (KCC), independent experts in catastrophe risk, catastrophe models and catastrophe risk management, today issued a report identifying historical US hurricanes that would likely cause $10 billion or more in insured losses were they to strike today.

Employing a robust methodology developed by the firm, KCC examined the nearly 180 hurricanes that have hit the United States since 1900 and determined that 28 of those storms would result in $10 billion or more in insured losses in 2012 given the greater number, size and cost of structures in their paths.

The 1926 Great Miami Hurricane tops the list with an estimated $125 billion loss. The two deadliest hurricanes in US history, the 1928 Okeechobee Hurricane and the famous Galveston storm of 1900, are the next costliest at $65 billion and $50 billion, respectively. Two other Florida storms, the 1947 Fort Lauderdale Hurricane and 1992′s Hurricane Andrew are also estimated at $50 billion. Rounding out the top loss producers are 1915′s Galveston ($40 billion), 2005′s Katrina ($40 billion), the 1938 Great New England ($35 billion), and 1954’s Hazel and 1965’s Betsy. both estimated at $20 billion. Hurricane Donna in 1960 affected the entire East Coast from Florida to Maine and would likely cause a $25 billion loss today. The remaining 17 storms on the list range from $10 to $15 billion each.

Categories: business and economics, insurance and risk, Karen Clark & Company, natural disasters
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