By Mary Sams, Senior Research Analyst, Triple-I
The 2023 Atlantic hurricane season officially started June 1 and is forecast to be a busy one, which is why homeowners need to prepare. Yet many lack even the most basic preventative measures, unaware of the risks they face, according to a new survey by Triple-I, in coordination with Munich Re.
The new report, Homeowners Perception of Weather Risks,provides insights into trends, behavior and how experiencing a weather event impacts consumer perceptions of future events.
In the first half of 2023, Triple-I, in coordination with Munich Re, asked homeowners across the United States about their experiences with weather-related risks. Among the key findings:
- Twenty-five percent of respondents don’t expect to be impacted by weather risks in the future.
- Thirty-two percent report that they have been impacted by weather in the last five years.
- Two primary ways to prepare for weather risk includes creating a home inventory and an evacuation plan in case of emergency. Yet only 47 percent of respondents have a home inventory and slightly more (52 percent) have an evacuation plan.
- Thunderstorms are reported as the chief weather concern, at 54 percent nationally. This includes flooding and tornados and varies by geographic region. The Midwest leads the area of highest reported thunderstorm risk, at 75 percent, and the West region reports the lowest proportion of concern, at 33 percent.
The survey suggests awareness and education around flood risk are the greatest opportunity for getting homeowners to take the necessary steps to protect their property. For example, among the 22 percent of respondents who reported understanding their flood risk, 78 percent said they had purchased flood insurance.
State of the Risk: Flood (Triple-I Issues Brief)
State of the Risk: Hurricanes (Triple-I Issues Brief)
State of the Risk: Convective (Triple-I Issues Brief)
Stemming a Rising Tide How Insurers Can Close the Flood Protection Gap (Triple-I/Capgemini)
Severe Convective Storms: Evolving Risks Call for Innovation to Reduce Costs, Drive Resilience (Triple-I Research Paper)
Flood: Beyond Risk Transfer (Triple-I Research Paper)