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Storm damage, Weather Explanations, Hurricane damage, Hurricanes
Asset ID: 5309
|Title: How Much Does a Hurricane Cost?|
Concept: A major landfalling hurricane in the US can easily cause tens of billions in damages.
Detail: It is almost hard to believe that Hurricane Camille caused "only" $1.2 billion in damages, and that for a number of years 1979's Frederic was the loss leader at $2.3 billion. Then came Andrew ($25-50 billion) and Katrina at $81 billion in total losses. One reason for the rising tolls...there is just more stuff to destroy
on the coasts. If the 1926 Miami hurricane were to hit today, the toll would be $140 billion.
Insurance industry consultants now can actually predict the amount of insured losses that a forecasted
landfalling storm may inflict by using sophisticated risk analysis models.