Fact file: Georgia hurricane insurance

June 2020

  • Three of the ten most costly hurricanes to hit the United States caused insured property damage in Georgia: Hurricane Michael in 2018, Hurricane Irma in 2017, and Hurricane Katrina in 2005.
  • Georgia has a residual market plan that acts as a market of last resort for residential and commercial property insurance in the state. The plan had 14,176 habitational and business policies in fiscal year 2019, down from 22,844 policies in fiscal year 2016. Exposure to loss under the plan was $2.1 billion in 2019, down from $3.0 billion in 2016.
  • There were 86,583 flood insurance policies in Georgia in 2018. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program and an increasing number of private insurers.
  • Between 10,000 and 163,000 single-family homes are at risk of damage from storm surge in Georgia, according to CoreLogic. In terms of reconstruction costs, storm surge damage would range from $3.0 billion to $37.33 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from Categories 1 up to a rare Category 5 hurricane.

Top 10 Writers Of Commercial Insurance In Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $520,368 5.7%
2 Liberty Mutual 467,456 5.1
3 Chubb 448,156 4.9
4 American International Group (AIG) 336,481 3.7
5 Berkshire Hathaway Inc. 327,435 3.6
6 Zurich 301,176 3.3
7 Auto-Owners Insurance Co. 280,406 3.1
8 CNA 276,438 3.0
9 Hartford Financial Services 264,412 2.9
10 State Farm 241,419 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 Writers Of Homeowners Insurance In Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $923,431 25.9%
2 Allstate Corp. 444,808 12.5
3 USAA Insurance Group 399,371 11.2
4 Travelers Companies Inc. 212,935 6.0
5 Liberty Mutual 197,929 5.5
6 Auto-Owners Insurance Co. 172,823 4.8
7 Farmers Insurance Group 159,001 4.5
8 Georgia Farm Bureau 122,669 3.4
9 American Family Insurance Group 102,235 2.9
10 Nationwide Mutual Group 96,576 2.7

(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 Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $2,062,627 20.8%
2 Progressive                               1,400,808             14.1
3 Berkshire Hathaway Inc.                               1,305,915             13.2
4 Allstate Corp.                                  948,576               9.6
5 USAA Insurance Group                                  917,381               9.2
6 Liberty Mutual                                  373,918               3.8
7 Auto-Owners Insurance Co.                                  344,268               3.5
8 Travelers Companies Inc.                                  315,498               3.2
9 Georgia Farm Bureau                                   252,117               2.5
10 Farmers Insurance Group                                   238,218               2.4

(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
Rank Date Location Hurricane Dollars when occurred In 2019 dollars (2)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $52,828
2 Sep. 19-22, 2017 PR, USVI Hurrican Maria (3) 25,000-30,000 26,100-31,300
3 Sep. 6-12, 2017 AL, FL, GA, NC, PR, SC, UV Hurricane Irma (3) 25,000-30,000 26,100-31,300
4 Aug. 25-Sep. 1, 2017 AL, LA, MS, NC, TN, TX Hurricane Harvey (3) 18,000-20,000 18,800-20,800
5 Oct. 28-31, 2012 CT, DC, DE, MA, MD, ME, NC, NH,
NJ, NY, OH, PA, RI, VA, VT, WV		 Hurricane Sandy 18,750 21,065
6 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 25,867
7 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 20,861
8 Oct. 10-12, 2018 AL, FL, GA, MD, NC, SC, VA Hurricane Michael (3) 9,000-12,000 9,200-12,200
9 Oct. 24, 2005 FL Hurricane Wilma 10,300 13,239
10 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,906

(1) Property losses only. Excludes flood damage covered by the federally administered National Flood Insurance Program. Ranked on dollars when occurred. As of September 30, 2020.
(2) Adjusted for inflation through 2019 by the Insurance Information Institute using the GDP implicit price deflator.
(3) Insurance Information Institute estimate based on data from catastrophe risk modelers, reinsurance companies, the Property Claims Services unit of Verisk Analytics, the Federal Emergency Management Agency of the U.S. Department of Homeland Security, and the Florida Office of Insurance Regulation. These estimates are preliminary because the organizations involved periodically resurvey the events, and the severity of losses and other factors create a high level of uncertainty surrounding the ultimate loss figures.

Source: Insurance Information Institute, catastrophe risk modelers, reinsurance companies, U.S. Department of Homeland Security, the Florida Office of Insurance Regulation, the Property Claim Services® (PCS®) unit of ISO®, a Verisk Analytics® company, and the U.S. Bureau of Economic Analysis.

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Storm Surge Risk By State By Number Of Single-Family Homes and Reconstruction Value, 2020 (1)

 

    Number of single-family homes at risk by storm category (2)
Rank State Category 1 Category 2 Category 3 Category 4 Category 5
1 Florida 353,994 1,088,511 1,806,312 2,362,323 2,851,642
2 Louisiana 72,883 212,707 640,307 770,030 843,349
3 Texas 41,398 122,453 264,103 399,741 563,024
4 New Jersey 95,473 277,147 381,388 471,323 471,323 (3)
5 New York 76,805 228,069 351,937 467,787 467,787 (3)
6 Virginia 23,232 89,347 243,707 366,117 410,277
7 South Carolina 37,107 132,728 219,420 308,387 363,875
8 North Carolina 33,254 97,694 165,266 216,446 267,802
9 Georgia 9,378 54,470 113,068 152,882 164,504
10 Massachusetts 8,102 42,832 97,083 151,979 151,979 (3)
11 Maryland 16,091 59,214 98,757 126,589 126,589 (3)
12 Mississippi 5,740 25,385 56,768 90,023 102,596
13 Pennsylvania 847 21,378 58,921 85,794 85,794 (3)
14 Connecticut 6,708 27,921 46,186 67,433 67,433 (3)
15 Delaware 10,855 31,057 49,103 67,055 67,055 (3)
16 Alabama 5,203 15,841 27,769 40,287 51,929
17 Rhode Island 1,396 7,979 17,345 26,336 26,336 (3)
18 Maine 5,657 7,912 11,969 18,149 18,149 (3)
19 New Hampshire 193 4,069 7,074 9,336 9,336 (3)
  Total homes
potentially affected		 804,316 2,546,714 4,656,483 6,198,017 7,110,779
    Reconstruction cost value of single-family homes at risk (2), (4) ($ millions)
Rank State Category 1 Category 2 Category 3 Category 4 Category 5
1 Florida $71,707.9 $224,088.9 $372,234.3 $483,618.4 $580,606.2
2 Louisiana 15,887.7 47,717.2 152,745.6 184,008.0 202,330.0
3 New York 30,410.9 95,248.1 146,867.2 196,107.2 196,107.2 (3)
4 New Jersey 27,523.2 84,974.9 119,707.6 150,599.6 150,599.5 (3)
5 Texas 7,467.3 22,579.6 51,408.9 81,181.5 113,419.1
6 Virginia 5,962.5 22,598.0 57,844.1 86,624.2 98,314.8
7 South Carolina 10,447.7 35,063.9 55,589.2 75,121.4 86,468.7
8 North Carolina 7,178.2 21,277.7 36,350.3 47,968.2 59,542.6
9 Massachusetts 2,306.8 12,658.0 29,179.0 47,309.5 47,309.5 (3)
10 Georgia 2,869.0 14,504.6 26,994.0 35,215.7 37,416.2
11 Maryland 3,878.3 14,151.3 23,657.9 30,518.8 30,518.8 (3)
12 Connecticut 2,344.5 9,635.7 15,669.6 22,538.4 22,538.4 (3)
13 Pennsylvania 193.8 5,120.6 14,596.0 21,349.8 21,349.8 (3)
14 Mississippi 1,175.2 5,247.4 11,573.3 18,024.1 20,467.4
15 Delaware 3,082.8 8,693.8 13,892.8 18,943.9 18,943.9 (3)
16 Alabama 965.3 2,972.1 5,112.2 7,360.8 9,449.8
17 Rhode Island 350.2 2,339.3 5,080.9 7,761.3 7,761.3 (3)
18 Maine 1,314.9 1,892.6 2,949.9 4,589.9 4,589.8 (3)
19 New Hampshire 35.2 713.9 1,434.1 2,038.9 2,038.9 (3)
  Total homes
potentially affected		 $195,101.5 $631,477.6 $1,142,886.9 $1,520,879.6 $1,709,772.1

(1) The risk categories are cumulative and increase in value from Category 1 to Category 5. Category 1 represents the higher risk of damage from a weak hurricane; Category 5 includes Categories 1 to 4 and the low risk of damage from a Category 5 hurricane.
(2) Measured in units.
(3) Storm surge risk for Category 5 storms for homes on the northeastern Atlantic Coast is not shown due to the extremely low probability of a Category 5 storm affecting these areas.
(4) Represents the cost to completely rebuild including labor and materials by geographic location.

Source: CoreLogic®, a property data and analytics company.

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Other Resources

I.I.I. Facts & Stats: Flood Insurance

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