Earl and Coastal Exposure

Five of the top 10 states in terms of the value of  insured coastal property vulnerable to hurricanes are situated in the northeast. Something to bear in mind as Hurricane Earl tracks up the east coast.

New York, Massachusetts, New Jersey, Connecticut, and Maine are situated parallel to Earl’s path and have some of the highest insured coastal property values in the country, according to the I.I.I.

Figures compiled by catastrophe modeler AIR Worldwide show the total value of insured coastal exposure in these five states was $4.4 trillion in 2007. That’s about half the $8.9 trillion value of insured coastal property in hurricane prone states as a whole.

The data from AIR Worldwide also shows significant increases in  insured coastal property values in all five states. Consider the following:

New York: the total value of insured coastal exposure increased by 25.1 percent, from $1.9 trillion in 2004 to $2.3 trillion in 2007.

Massachusetts: the total value of insured coastal exposure increased by 16.7 percent, from $662.4 billion in 2004 to $772.8 billion in 2007.

New Jersey: the total value of insured coastal exposure increased by 26.5 percent, from $505.8 billion in 2004 to $635.5 billion in 2007.

Connecticut: the total value of insured coastal exposure increased by 18.5 percent, from $404.9 billion in 2004 to $479.9 billion in 2007.

Maine: the total value of insured coastal exposure increased by 29.7 percent, from $117.2 billion in 2004 to $146.9 billion in 2007.

And AIR Worldwide expects the total insured value of property in hurricane prone states to double every 10 years.

Check out I.I.I. hurricane fact files and market share by state.

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