Media Advisory: I.I.I. Chief Economist, DR. Steven Weisbart, To Speak On Growing Risk Of Hurricane Losses At National Hurricane Conference

In the Decade since Hurricane Katrina, Exposure to Catastrophes Has Grown; Conference runs March 30 – April 2 in Austin, Texas

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FOR IMMEDIATE RELEASE New York Press Office: (212) 346-5500; media@iii.org
Florida Press Office: (813) 480-6446; www.insuringflorida.org

NEW YORK, March 30, 2015 — Hurricane risk in the United States is growing due to increasingly volatile weather and increasing populations in coastal areas. Dr. Steven Weisbart, senior vice president and chief economist at the Insurance Information Institute (I.I.I.), will review what this means in his presentation at the National Hurricane Conference, “Trends in Coastal Property Risk in the Post-Katrina Decade.” His PowerPoint will be available on Wednesday, April 1, in the presentation section of the I.I.I. website.

 

The National Hurricane Conference is being held in Austin, Texas, this year and Dr. Weisbart’s presentation will be on Wednesday April 1 beginning at 3:30 p.m. He is part of a panel that will provide insights into hurricane events of the past decade. Other panelists include Bill Read, former director of the National Hurricane Conference and a senior fellow at the Stephenson Disaster Management Institute; Ed Laatsch, chief of the Building Science branch of the Department of Homeland Security; and Julie Rochman, president and CEO of the Insurance Institute for Building & Home Safety.

 

The insured value of Atlantic coastal exposure exceeds $10 trillion dollars, and half of that total exposure is concentrated in just two states – New York and Florida.


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In many Gulf Coast states, the risk has grown substantially since the last major hurricane hit the U.S., which was Hurricane Katrina in 2005, as the table below indicates:

 

Top 5 States for Exposure Growth 2004 Insured Coastal Exposure % Increase in Coastal Exposure
2004-2012*
New York $1.902 billion 54%
Florida $1.937 billion 48%
Texas $740 billion 59%
Massachusetts $663 billion 28%
New Jersey $405 billion 41%

*Most current data available. Source AIR Worldwide

 

In addition to the presentation at the general session at the National Hurricane Conference, I.I.I. experts are participating in several other sessions, and will be available for media interviews. More information can be found here. You can follow the conference on Twitter: @nathurricanecon.

 

Workshops and sessions at the conference focus on educating people about the necessity of preparation, including building resilient communities, and on improving disaster response and recovery.

 

The following I.I.I. online resources are also available to reporters:

 

The I.I.I.’s free mobile apps can help you create a disaster plan, learn about selecting the right insurance for your needs and budget, and create and maintain a home inventory. Learn more about our suite of apps here.

 

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

 

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org

 

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