New Hampshire Hurricane Insurance: Fact File

AUGUST 2016

  • New Hampshire was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in U.S. 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 $55 million in private insurance claims in New Hampshire. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
  • The insured value of properties in coastal areas of New Hampshire totaled $64.0 billion in 2013, accounting for 23 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.
  • New Hampshire was one of 14 states 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 8,862 flood insurance policies in New Hampshire 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 New Hampshire By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $124,413 11.2%
2 W. R. Berkley Corp. 106,579 9.6
3 Travelers Companies Inc. 73,648 6.6
4 Hanover Insurance Group Inc. 46,885 4.2
5 American International Group (AIG) 42,241 3.8
6 Chubb Ltd. (2) 40,777 3.7
7 Zurich Insurance Group (3) 34,227 3.1
8 Berkshire Hathaway Inc. 31,268 2.8
9 Hartford Financial Services 30,569 2.7
10 Tokio Marine Group 24,314 2.2

(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 New Hampshire By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $58,587 15.3%
2 State Farm Mutual Automobile Insurance 40,205 10.5
3 Allstate Corp. 32,544 8.5
4 USAA Insurance Group 23,714 6.2
5 Concord General Mutual Insurance Co. 20,059 5.2
6 Amica Mutual Insurance Co. 15,975 4.2
7 Vermont Mutual Insurance Co. 15,650 4.1
8 MetLife Inc. 14,868 3.9
9 Hanover Insurance Group Inc. 14,665 3.8
10 Travelers Companies Inc. 14,657 3.8

(1) Before reinsurance transactions.

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 New Hampshire By Direct Premiums Written, 2015 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $99,259 12.9%
2 State Farm Mutual Automobile Insurance 99,069 12.9
3 Progressive Corp. 92,825 12.1
4 Liberty Mutual 92,805 12.1
5 Allstate Corp. 74,579 9.7
6 USAA Insurance Group 39,192 5.1
7 Amica Mutual Insurance Co. 28,389 3.7
8 Concord General Mutual Insurance Co. 26,571 3.5
9 MetLife Inc. 23,677 3.1
10 Hanover Insurance Group Inc. 20,270 2.6

(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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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.

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NATIONAL FLOOD INSURANCE POLICIES IN FORCE, SELECTED STATES, 2012 (1)

State Total SFHA (2) NSFHA (3) Unknown
Connecticut 41,079 26,568 14,427 84
Maine 9,032 4,836 4,195 1
New Hampshire 9,408 6,007 3,395 6
Ohio 42,140 27,074 15,048 18
Rhode Island 16,129 9,674 6,280 175
Vermont 4,326 2,701 1,492 133

(1) As of August, 2012.
(2) Policies for properties in Special Flood Hazard Areas (SFHAs), or floodplains, as designated by FEMA.
(3) Policies for properties not in Special Flood Hazard Areas.

Source: Federal Emergency Management Agency.

 

Other Resources

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