MEDIA ADVISORY: Joaquin Expected to Bring Strong Winds, Heavy Rain to East Coast States

I.I.I. Subject Matter Experts Available Over the Weekend to Discuss Disaster Preparedness, Insurance Coverage Issues

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New York Press Office: (212) 346-5500; media@iii.org

 

NEW YORK, October 2, 2015 — Reporters covering Joaquin’s northward path in the Atlantic Ocean can contact the Insurance Information Institute (I.I.I.) with questions about how auto, business, flood and homeowners insurance policies cover storm-caused damage.

 

“Even if Joaquin remains offshore, strong onshore winds associated with a frontal system will create minor to moderate coastal flooding along parts of the East Coast,” the National Oceanic and Atmospheric Administration’s (NOAA) National Weather Service stated, on its website this morning.

 

Wind damage from tropical storms and hurricanes is covered under standard homeowners, renters and business insurance policies. Flood damage is excluded under standard policies; flood coverage is available, however, from FEMA’s National Flood Insurance Program (NFIP) and from a few private insurance companies.

 

Damage to cars from tropical storms and hurricanes is covered under the optional comprehensive portion of an auto insurance policy. This includes wind damage, flooding and even falling objects such as tree limbs.

 

Tropical storms and hurricanes accounted for 41 percent of total U.S. insured catastrophe losses between 1995 and 2014, followed by tornadoes (39 percent), winter storms (7 percent), terrorism (6 percent), wind/hail/flood (5 percent) and fire (2 percent). The Atlantic hurricane season began on June 1 and concludes on November 30. Seven of the 10 costliest hurricanes in U.S. history, as defined by insured catastrophe losses, have occurred in either September or October.

 

The property/casualty (P/C) insurance industry entered the 2015 hurricane season with near-record claims paying capital on-hand. The combined capacity of all P/C insurers operating in the United States was $671.7 billion as of March 31, 2015, according to this I.I.I. analysis. 

 

The following I.I.I. staff will be available via cellphone and email this weekend (October 3–4) to answer questions and provide interviews:

 

Dr. Robert Hartwig

President of the I.I.I. and economist: 917-453-1885; bobh@iii.org

 

Michael Barry

Vice President, Media Relations: 917-923-8245; michaelb@iii.org

 

Lynne McChristian (Florida)

Florida Media Representative: 813-480-6446; lynnem@iii.org

  

Elianne González (Florida)

Hispanic Press Officer: 954-684-4410; elianneg@iii.org

 

Bill Davis (Georgia)

Southeastern Media Representative: 770-331-9279; billjoe@bellsouth.net

 

Jeanne Salvatore

Senior Vice President, Public Affairs, and Chief Communications Officer: 917-612-4088; jeannes@iii.org

 

Loretta Worters

Vice President, Communications: 917-620-0982; lorettaw@iii.org

 

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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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