MEDIA ADVISORY: Widespread Flooding Often Accompanies Strong Winds From Hurricanes
August 24, 2011
INSURANCE INFORMATION INSTITUTE
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NEW YORK, August 24, 2011 — While those tracking Hurricane Irene are correctly paying attention to wind speeds, it is important to remember that heavy flooding from the storm surge and torrential rains caused by a hurricane also can cause major damage, according to the Insurance Information Institute (I.I.I.)
For example, Hurricane Floyd made landfall in North Carolina in 1999 and tracked up the East Coast, causing nearly $2 billion in insured property damage paid by private insurance companies. But the federal government’s National Flood Insurance Program (NFIP) paid an additional $462 million in flood insurance claims throughout the Mid-Atlantic states and into New England, as far north as Maine.
The I.I.I. notes that Many Still Lack Flood Insurance As Hurricane Season Nears Its Peak.
“It may come as some surprise, but the top 10 most costly flood events in U.S. history are associated with hurricanes and tropical storms, with insured flood losses from Hurricane Katrina topping the list at $16 billion,” said Dr. Robert Hartwig, I.I.I. president and an economist.
TOP TEN SIGNIFICANT FLOOD EVENTS, RANKED BY NATIONAL FLOOD INSURANCE PROGRAM PAYOUTS (1)
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
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