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Insured losses from hurricanes rose in the past 15 years as hurricane activity has intensified. When adjusted for inflation, nine of the 10 costliest hurricanes in U.S. history have struck since 2004. In addition to the increase in storm activity, construction along both the Gulf Coast and East Coast has continued to develop, and property values have increased, resulting in higher loss exposure.
The following chart from Aon ranks historic hurricanes based on their insured losses, adjusted for inflation. The chart beneath it, from AIR Worldwide Corp., estimates insured property losses from notable hurricanes from past years, if they were to hit the nation again today with the same meteorological parameters.
($ millions)
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(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 2020. Subject to change as loss estimates are further developed. As of February, 2021. Ranked on insured losses in 2020 dollars.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.
Source: Aon.
($ billions)
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(1) Modeled loss to property, contents and business interruption and additional living expenses for residential, mobile home, commercial and auto exposures as of year-end 2016. Losses include demand surge and account for storm surge.
(2) Strength at second landfall in Louisiana.
Source: AIR Worldwide Corporation.