HazardHub Coastal Storm Surge Risk
In October 2012, more than a dozen states were affected by Hurricane Sandy. Sandy caused $18.75 billion in insured property losses, excluding flood insurance claims covered by the federal flood insurance program.
Every coastal location is subject to storm surge flooding from a 100-year hurricane, the largest losses will be concentrated in relatively few places along the coast. Tampa/St Petersburg is the metropolitan area most vulnerable to flooding damage with a loss potential of $175 billion. Four of the top cities are in Florida and the west coast of the state is more vulnerable than the east coast. Three cities, Tampa, New Orleans, and New York, face losses exceeding $100 billion from a 100-year event. Most of the flood damage potential is not currently insured; private flood insurance presents a significant opportunity for insurers that have the right tools for understanding the risk. Insurance companies have been reluctant to write private flood insurance primarily because it has been difficult to assess the loss potential.