Catastrophe and risk modeling firm Karen Clark & Co (KCC) has just released a timely report on increasing concentrations of property values in the United States.
The report finds that insured building values in the U.S. now exceed $40 trillion, including residential, commercial and industrial structures. When you add in contents and time element exposures, that figure doubles to over $80 trillion.
A key takeaway is that of the $80 trillion in total U.S. property exposure, nearly $15 trillion is in the Gulf and Atlantic coastal counties most exposed to hurricane risk.
Coastal property exposures are highest in New York ($4.938 billion), Florida ($3.305 billion), Texas ($1.446 billion), Massachusetts ($1.152 billion) and New Jersey ($1.109 billion), according to KCCÃ¢â‚¬â„¢s analysis.
Overall, the state with the most insured property value is California, followed by New York and Texas. The top 10 states account for over 50 percent of the U.S. total.
Five counties each have over $1 trillion of exposure with Los Angeles, CA, New York, NY and Cook, IL leading the way. The top 10 counties account for 15 percent of the U.S. total.
The latest industry exposure data comes from KCCÃ¢â‚¬â„¢s RiskInsight risk management platform. Insurers and reinsurers use this database for risk management and strategic planning.
Artemis blog has more on the findings.