New York Could Push Hurricane Insurance Losses 50% Higher.
According to Insurance Journal, insured hurricane losses will rise 50% if “nearly 50% under a 2°C (3.6°F) global warming scenario.” The projection is based on data analyzed for a study published in the Journal of Catastrophe Risk and Resilience.
The 50% increase is largely due to jumps in New York and Boston. “New York’s insured losses could rise by 64%, while Rhode Island and Massachusetts may see increases of over 70% in average annual loss.” Another factor is the likely rise in the number of Category 4 and 5 storms. Warming water in the Gulf of Mexico and the South Atlantic has already started that trend.
Boston is Also A Threat
“The evidence is mounting – risk appears to be rising faster than recognition or response. While this study points to a need for stronger building codes along the U.S. Northeast and mid-Atlantic coast, aligned with hurricane-prone regions like Florida and Louisiana, at the same time, there seems to be a widening gap between risk and readiness,” said MS Amlin CEO Andrew Carrier, in comments accompanying the report.
More from ClimateCrisis 247
- Dust Storm Triggers Las Vegas Blackout
- Phoenix Posts 13 Days Over 110 Degrees
- Florida Homeowners Face Drastic Home Price Cuts
- Tampa Real Estate Continues To Fall As Miami Softens
