Fact file: Virginia hurricane insurance

January 2021

  • Two of the ten costliest hurricanes to hit the U.S., based on insured property losses, caused damage in Virginia: Hurricane Michael in 2018 and Hurricane Sandy in 2012. (See chart below.)
  • Virginia was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $30 billion in U.S. property losses when it occurred, including flood insurance claims covered by the federal flood insurance program, according to Aon. This makes Sandy the second most costly U.S. hurricane, after hurricane Katrina.
  • There were 108,190 flood insurance policies in Virginia 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.
  • The Virginia Property Insurance Association was formed in 1968 to provide dwelling and commercial property coverages to individuals and businesses throughout the state who are unable to obtain coverage through the voluntary insurance market.
  • Between 23,321 and 409,249 single-family homes are at risk of damage from storm surge in Virginia, according to CoreLogic. In terms of reconstruction costs, storm surge damage would range from $6.0 billion to $98.7 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from a Category 1 to a rare Category 5 hurricane.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $395,153 6.1%
2 Chubb 345,558 5.4
3 Liberty Mutual 296,044 4.6
4 Erie Insurance Group 289,666 4.5
5 Zurich 265,704 4.1
6 American International Group (AIG) 255,869 4.0
7 Hartford Financial Services 251,867 3.9
8 Nationwide Mutual Group 214,512 3.3
9 CNA 209,607 3.3
10 Berkshire Hathaway Inc. 149,944 2.3

(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 Virginia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 USAA Insurance Group $476,455 19.5%
2 State Farm 428,903 17.6
3 Travelers Companies Inc. 223,411 9.2
4 Allstate Corp. 208,803 8.6
5 Nationwide Mutual Group 171,526 7.0
6 Liberty Mutual 142,215 5.8
7 Erie Insurance Group 133,940 5.5
8 American Family Insurance Group 88,529 3.6
9 Virginia Farm Bureau Federation 51,145 2.1
10 Farmers Insurance Group 49,547 2.0

(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 Virginia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc.   $1,157,344 19.6%
2 State Farm   877,197 14.9
3 USAA   789,291 13.4
4 Progressive   652,353 11.1
5 Allstate Corp.   570,183 9.7
6 Nationwide   389,015 6.6
7 Erie Insurance   241,585 4.1
8 Liberty Mutual   141,817 2.4
9 Travelers   135,824 2.3
10 Virginia Farm Bureau Federation   129,518 2.2

(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 Year Hurricane Dollars when occurred In 2020 dollars (2)
1 2005 Hurricane Katrina $65,000 $85,570
2 2012 Hurricane Sandy 30,000 33,530
3 2017 Hurricane Harvey 30,000 31,590
4 2017 Hurricane Irma 29,900 31,320
5 2017 Hurricane Maria 29,670 31,100
6 1992 Hurricane Andrew 16,000 29,360
7 2008 Hurricane Ike 18,200 21,510
8 2005 Hurricane Wilma 10,670 13,840
9 2018 Hurricane Michael 13,250 13,550
10 2004 Hurricane Ivan 8,720 11,870

(1) Includes Puerto Rico and the U.S. Virgin Islands and losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Includes hurricanes that occurred through 2019. Subject to change as loss estimates are further developed. As of November 25, 2020. Ranked on insured losses in 2020 dollars.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

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Top 10 States, By Population Change In Coastal Counties, 1960-2010

  By number change    By percent change 
Rank State Number change Rank State Percent change
1 California 13,130,000 1 Florida 270.1%
2 Florida 10,360,000 2 Alaska 239.8
3 Texas 3,732,000 3 New Hampshire 198.0
4 Washington 2,578,000 4 Texas 161.9
5 Virginia 1,903,000 5 Virginia 150.8
6 New York 1,400,000 6 Washington 144.4
7 New Jersey 1,275,000 7 South Carolina 125.1
8 Maryland 938,000 8 Hawaii 115.2
9 Massachusetts 826,000 9 North Carolina 114.4
10 Hawaii 728,000 10 California 107.2

Source: U.S. Department of Commerce, Census Bureau (www.census.gov/dataviz/visualizations/039/508.php).

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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

I.I.I. Facts & Stats: Hurricanes

I.I.I. Issues Updates: Catastrophes

I.I.I. Issues Updates: Hurricane and Windstorm Deductibles

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