MEDIA ADVISORY: I.I.I. Experts Available to Discuss Disaster Preparedness, Hurricanes and Insurance as Hurricane Joaquin Moves toward the Atlantic Seaboard
NEW YORK, Oct. 1, 2015 /PRNewswire-USNewswire/ -- Reporters covering Hurricane Joaquin, which could bring heavy rains, flooding and strong winds to the East Coast as early as this weekend, are encouraged to contact the Insurance Information Institute (I.I.I.).
Joaquin is the third hurricane to form in the Atlantic Ocean this year. The other two—Hurricanes Danny and Fred—materialized in August but posed no threat to the United States. Whether Joaquin will make landfall in the U.S., and at what intensity, remains an open question.
"Joaquin has strengthened into a hurricane and while there is still much uncertainty in its path, people along the U.S. East Coast should monitor the National Hurricane Center and local NWS [National Weather Service] forecast offices, as well as local media, for the latest updates and be sure to have a plan in place should Joaquin threaten their area," the National Oceanic and Atmospheric Administration (NOAA) stated, on its website yesterday (Sept. 30).
Seven of the 10 costliest hurricanes in U.S. history, as defined by insurance claim payouts, occurred in either September or October.
TOP 10 MOST COSTLY HURRICANES IN THE UNITED STATES (1)
($ millions)
(1) Includes hurricanes occurring through 2014.
|
Estimated insured loss (2) | |||||
|
Rank |
Date |
Location |
Hurricane |
Dollars when |
In 2014 |
|
1 |
Aug. 25- 30, 2005 |
AL, FL, GA, LA, MS, TN |
Hurricane Katrina |
$41,100 |
$48,383 |
|
2 |
Aug. 24-26, 1992 |
FL, LA |
Hurricane Andrew |
15,500 |
23,785 |
|
3 |
Oct. 28-31, 2012 |
CT, DC, DE, MA, MD, ME, |
Hurricane Sandy |
18,750 |
19,307 |
|
4 |
Sep. 12-14, 2008 |
AR, IL, IN, KY, LA, MO, OH, PA, TX |
Hurricane Ike |
12,500 |
13,639 |
|
5 |
Oct. 24, 2005 |
FL |
Hurricane Wilma |
10,300 |
12,125 |
|
6 |
Aug. 13-14, 2004 |
FL, NC, SC |
Hurricane Charley |
7,475 |
9,083 |
|
7 |
Sep. 15-21, 2004 |
AL, DE, FL, GA, LA, MD, |
Hurricane Ivan |
7,110 |
8,639 |
|
8 |
Sep. 17-22, 1989 |
GA, NC, PR, SC, UV, VA |
Hurricane Hugo |
4,195 |
7,055 |
|
9 |
Sep. 20-26, 2005 |
AL, AR, FL, LA, MS, TN, TX |
Hurricane Rita |
5,627 |
6,624 |
|
10 |
Sep. 3-9, 2004 |
FL, GA, NC, NY, SC |
Hurricane Frances |
4,595 |
5,583 |
(2) Property coverage only. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(3) Adjusted for inflation through 2014 by ISO using the GDP implicit price deflator.
Source: Property Claim Services (PCS), a Verisk Analytics business.
Wind damage from tropical storms and hurricanes is covered under standard homeowners, renters and business insurance policies. Flood damage resulting from storm surge caused by hurricanes is excluded under standard policies; flood coverage is available, however, from FEMA's National Flood Insurance Program (NFIP) and from a few private insurance companies.
Damage to cars from tropical storms or hurricanes is covered under the optional comprehensive portion of an auto insurance policy. This includes wind damage, flooding and even falling objects such as tree limbs.
The I.I.I. has subject matter experts in Florida, Georgia, and New York available to discuss the potential insurance implications of Joaquin, such as what is and is not covered under standard property/casualty policies and the insurance industry's ability to pay hurricane-caused auto, home and business insurance claims. Their names, and contact information, are below:
Florida:
- Lynne McChristian, Cell Phone Number: 813-480-6446, email: lynnem@iii.org
- Elianne González (Spanish-language), Cell #: 954-684-4410, email: elianneg@iii.org
Georgia:
- Bill Davis,Southeastern Media Representative: Cell #: 770-331-9279; email: billjoe@bellsouth.net
New York:
- Dr. Robert Hartwig, CPCU
President of the I.I.I. and economist: Cell #: 917-453-1885; email: bobh@iii.org - Michael Barry
Vice President, Media Relations: Cell #: 917-923-8245; email: michaelb@iii.org - Jeanne Salvatore
Senior Vice President, Chief Communications Officer: Cell #: 917-612-4088; email: jeannes@iii.org - Loretta Worters
Vice President, Communications: Cell #: 917-620-0982; email: lorettaw@iii.org
The following online resources are also available to reporters:
RESEARCH AND ANALYSIS
- Issues Update: Catastrophes – Insurance Issues
- Issues Update: Hurricane and Windstorm Deductibles
- Issues Update: Flood Insurance
- White Paper: Residual Market Property Plans – From Markets of Last Resort to Markets of First Choice
FACTS AND STATISTICS
CONSUMER INFORMATION
VIDEOS
- Making Your Home More Hurricane-Resistant: Five Steps
- Are You Underinsured?
- Don't Be a Dummy About Flood Insurance
- Filing a Homeowners Insurance Claim: Six Steps
- Disaster Planning with Pets
- Home Inventory Software
The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org
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SOURCE Insurance Information Institute
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