Georgia Hurricane Insurance: Fact File

AUGUST 2016

  • Four of the ten most costly hurricanes to hit the United States caused insured property damage in Georgia: Hurricane Katrina in 2005; Hurricane Ivan in 2004, Hurricane Hugo in 1989, and Hurricane Frances in 2004.
  • Georgia has a residual market plan that acts as a market of last resort for residential and commercial property insurance in the state. The plan had 25,737 habitational and business policies in fiscal year 2015, down from 30,406 policies in fiscal year 2014. Exposure to loss under the plan was $3.7 billion in 2015.
  • There were 88,735 flood insurance policies in Georgia in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
  • The insured value of properties in coastal areas of Georgia totaled $106.7 billion in 2013, accounting for 6 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $428,717 6.0%
2 American International Group (AIG) 424,930 5.9
3 Chubb Ltd. (2) 363,172 5.1
4 Liberty Mutual 344,546 4.8
5 Zurich Insurance Group (3) 292,398 4.1
6 Auto-Owners Insurance Co. 242,820 3.4
7 Berkshire Hathaway Inc. 230,056 3.2
8 CNA Financial Corp. 226,942 3.2
9 Nationwide Mutual Group 199,760 2.8
10 Hartford Financial Services 187,995 2.6

(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.

View Archived Tables

 

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $796,260 28.0%
2 Allstate Corp. 395,100 13.9
3 USAA Insurance Group 248,865 8.8
4 Liberty Mutual 181,554 6.4
5 Travelers Companies Inc. 175,321 6.2
6 GA Farm Bureau Mutual Insurance Co. 122,333 4.3
7 Nationwide Mutual Group 109,387 3.8
8 Auto-Owners Insurance Co. 102,534 3.6
9 COUNTRY Financial 88,177 3.1
10 Farmers Insurance Group of Companies (2) 66,763 2.3

(1) Before reinsurance transactions.
(2) 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.

View Archived Tables

 

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,621,878 23.7%
2 Allstate Corp. 802,102 11.7
3 Berkshire Hathaway Inc. 731,949 10.7
4 Progressive Corp. 689,713 10.1
5 USAA Insurance Group 532,563 7.8
6 Liberty Mutual 305,377 4.5
7 Nationwide Mutual Group 258,643 3.8
8 GA Farm Bureau Mutual Insurance Co. 229,391 3.3
9 Travelers Companies Inc. 171,815 2.5
10 Auto-Owners Insurance Co. 136,400 2.0

(1) Before reinsurance transactions.

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

View Archived Tables

 

 

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.

View Archived Tables

 

 

Estimated Value Of Insured Coastal Properties Vulnerable To Hurricanes By State, 2012 (1)

($ billions)

Rank State Commercial Residential Total
coastal
Total
exposure (2)
Coastal as a
percent of total
1 New York $2,105.6 $817.5 $2,923.1 $4,724.2 62%
2 Florida 1,359.9 1,502.4 2862.3 3640.1 79
3 Texas 653.8 521.5 1,175.3 4,580.7 26
4 Massachusetts 456.0 393.6 849.6 1,561.4 54
5 New Jersey 374.6 339.3 713.9 2,129.9 34
6 Connecticut 271.7 296.1 567.8 879.1 65
7 Louisiana 153.5 140.0 293.5 823.0 36
8 South Carolina 129.9 109.4 239.3 843.6 28
9 Virginia 95.2 87.1 182.3 1,761.7 10
10 Maine 73.3 91.3 164.6 285.5 58
11 North Carolina 65.8 97.7 163.5 1,795.1 9
12 Alabama 61.6 56.6 118.2 917.8 13
13 Georgia 57.4 49.3 106.7 1,932.2 6
14 Delaware 31.8 50.1 81.9 208.9 39
15 New Hampshire 28.5 35.5 64.0 278.7 23
16 Mississippi 29.6 31.0 60.6 468.5 13
17 Rhode Island 22.6 35.7 58.3 207.5 28
18 Maryland 8.7 8.6 17.3 1,293.4 1
  Total, states shown $5,979.5 $4,662.7 $10,642.2 $28,331.4 38%
  Total, United States 5,979.5 4,662.7 $10,642.2 $64,624.3 16%

(1) Includes residential and commercial Gulf and East Coast properties, as of December 31, 2012. Ranked by value of total insured coastal property.
(2) Total exposure is an estimate of the actual total value of all property in the state that is insured or can be insured, including the full replacement value of structures and their contents, additional living expenses and the time value of business interruption coverage.

Source: AIR Worldwide.

View Archived Tables

 

Other Resources

FEMA Regional Flood Fact Sheet: http://www.floodsmart.gov/floodsmart/pdfs/Region_4_Hurricane_fact_sheet_FINAL_for_web.pdf

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