Previewing the 2024 Hurricane Season

The 2024 hurricane season is upon us, and experts are warning that it could be just as active, if not more so, than the previous year. With the Atlantic and Gulf Coasts of the United States officially in hurricane season from June 1 to November, people in affected areas are on high alert following a particularly active 2023 season.

The National Oceanic and Atmospheric Administration (NOAA) is predicting a potentially devastating season, with 17 to 25 named storms, 8 to 13 hurricanes, and four to seven major hurricanes expected. Factors such as La Niña conditions in the Pacific Ocean and record-setting sea surface temperatures in the Atlantic Ocean are creating the perfect conditions for strong hurricanes.

In light of these predictions, property insurance carriers and restoration contractors are ramping up their preparations for an influx of hurricane-related claims and restoration jobs. Understanding the specific risks of the 2024 season is crucial for businesses and homeowners to adequately prepare.

One key resource for understanding and mitigating hurricane risk is the 2024 CoreLogic Hurricane Risk Report. This report provides a comprehensive analysis of hurricane risk in the U.S., offering essential insights for property owners, insurers, and policymakers.

According to the report, more than 32.7 million residential properties across the U.S. Gulf and East coasts are at moderate or greater risk of hurricane wind damage, with a total reconstruction cost value of $10.8 trillion. Additionally, approximately 7.7 million properties are at risk of storm surge flooding, with an RCV of $2.3 trillion.

By leveraging the findings of the CoreLogic report, businesses can make informed decisions to establish effective mitigation and recovery strategies. Understanding the specific risks to properties and communities in their coverage areas is essential for insurance carriers and restoration contractors to allocate resources effectively and reduce the financial impact of hurricanes.

As the 2024 hurricane season unfolds, the insights provided by the CoreLogic Hurricane Risk Report will be invaluable in helping businesses and homeowners navigate the challenges posed by these powerful storms.