D.C. Hurricane Insurance: Fact File

AUGUST 2016

  • Washington, D.C. was impacted by Hurricane Sandy in October 2012, along with some dozen states. Sandy caused $18.75 billion in property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit. This would make Sandy the third most costly U.S. hurricane, after hurricanes Katrina and Andrew.
  • Sandy resulted in $37 million in private insurance claims in D.C. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
  • Washington, D.C. was impacted by Hurricane Irene in August, 2011. Irene impacted a total of 14 states, causing a total of $4.3 billion in insured property damage, not including flood losses covered under the National Flood Insurance Program (NFIP), according to ISO. The NFIP puts its claims payouts from Irene at $1.3 billion (in all states).
  • There were 2,145 flood insurance policies in Washington D.C. in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.

 

Top 10 Writers Of Commercial Insurance In D.C. By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb Ltd. (2) $116,174 9.9%
2 American International Group (AIG) 111,875 9.5
3 Travelers Companies Inc. 111,732 9.5
4 Liberty Mutual 86,823 7.4
5 Hartford Financial Services 74,190 6.3
6 Zurich Insurance Group (3) 53,195 4.5
7 CNA Financial Corp. 48,666 4.1
8 Attorneys' Liability Assrance Society 36,736 3.1
9 Tokio Marine Group 30,142 2.6
10 W. R. Berkley Corp. 29,190 2.5

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Homeowners Insurance In D.C. By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $34,683 23.0%
2 Travelers Companies Inc. 31,122 20.6
3 Chubb Ltd. (2) 18,748 12.4
4 USAA Insurance Group 14,714 9.7
5 Allstate Corp. 13,771 9.1
6 Liberty Mutual 8,094 5.4
7 Nationwide Mutual Group 6,645 4.4
8 Erie Insurance Group 5,004 3.3
9 Hartford Financial Services 3,700 2.4
10 Assurant Inc. 2,654 1.8

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Private Passenger Auto Insurance In D.C. By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $106,293 34.8%
2 State Farm Mutual Automobile Insurance 60,511 19.8
3 Progressive Corp. 28,084 9.2
4 USAA Insurance Group 26,584 8.7
5 Allstate Corp. 22,640 7.4
6 Nationwide Mutual Group 12,171 4.0
7 Liberty Mutual 11,148 3.6
8 Travelers Companies Inc. 10,049 3.3
9 Erie Insurance Group 6,866 2.2
10 Hartford Financial Services 5,768 1.9

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Costliest Hurricanes In The United States (1)

($ millions)

        Estimated insured loss (2)
Rank Date Location Hurricane Dollars when
occurred
In 2016
dollars (3)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $49,793
2 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 24,478
3 Oct. 28-31, 2012 CT, DC, DE, MA, MD, ME,
NC,NH, NJ, NY, OH, PA,
RI, VA, VT, WV
Hurricane Sandy 18,750 19,860
4 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 14,036
5 Oct. 24, 2005 FL Hurricane Wilma 10,300 12,479
6 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,348
7 Sep. 15-21, 2004 AL, DE, FL, GA, LA, MD, MS, NC, NJ, NY, OH, PA, TN, VA, WV Hurricane Ivan 7,110 8,891
8 Sep. 17-22, 1989 GA, NC, PR, SC, UV, VA Hurricane Hugo 4,195 7,260
9 Sep. 20-26, 2005 AL, AR, FL, LA, MS, TN, TX Hurricane Rita 5,627 6,817
10 Sep. 3-9, 2004 FL, GA, NC, NY, SC Hurricane Frances 4,595 5,746

(1) Includes hurricanes occurring through 2016.
(2) Property coverage only. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(3) Adjusted for inflation through 2016 by ISO using the GDP implicit price deflator.

Source: Property Claim Services (PCS®), a Verisk Analytics® business.

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Other Resources

FEMA Regional Flood Fact Sheet: http://www.floodsmart.gov/floodsmart/pdfs/Region_3_Hurricane_fact_sheet_FINAL_for_web.pdf

I.I.I. Facts & Stats: Flood Insurance

I.I.I. Facts & Stats: Hurricanes

I.I.I. Issues Updates: Catastrophes

I.I.I. Issues Updates: Hurricane and Windstorm Deductibles