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Property Insurers Brace for Hurricane Season 2016

Hurricane season made landfall – literally – this morning in Florida.  Hurricane Hermine is wreaking havoc throughout the Sunshine State, the first hurricane to do so since Wilma in 2005.  Heavy winds and thick bands of soaking rain are predicted to rip north over the Labor Day weekend.  A weakening forecast is predicted, though Hermine is expected to soak at least 11 more states before she heads out to sea and leaves us.

Up and down the East Coast, insurers and weather forecasters alike, are broadcasting safety warnings.  Property insurers, meanwhile, are bracing for the wind, rain, surface water and flooding hurricaneseasontheir policyholders will be facing.

The eastern seaboard is spinning in the random, annual turn of Hurricane roulette.  In the midst of the usual uncertainty, we looked back at some of the most dangerous storms to make landfall in the continental US over the last 20 years.  Below is short summary of those monsters and the dates and locations they made landfall:

ANDREW 8/23/1992 – Florida
IVAN 9/15/2004 – Florida
KATRINA 8/25/2005 – Florida (second landfall, 8/29/2005 — Louisiana)
RITA 9/24/2005 – Texas/Louisiana
WILMA 10/24/2005 – Florida
IKE 9/13/2008 – Texas
IRENE 8/27/2011 – North Carolina
SANDY 10/29/2012 – New Jersey

Hurricane prediction is random. It’s an August to October process, and the 2016 season is certainly underway. It is our hope that all of our clients (and their policyholders) emerge from Hermine, and the rest of 2016, safe and dry.

* As we publish this, Hermine has been downgraded to a Tropical Storm. Our hope is that by the time she reaches Philadelphia sometime over the weekend, she’s no more than a drizzle, we can still use the grill on Labor Day, and the Made in America concert goes off without a hitch!  (Sept. 2, 2016)

 

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