26 January 2017Insurance

US flood and wind most destructive hazards in 2016

Flood and wind both saw above-average activity in the US in 2016 in large part due to Hurricane Matthew, according to information and analytics provider CoreLogic.

At $17 billion, total flood loss in 2016 was six times greater than the overall flood damage experienced in 2015, the annual Natural Hazard Risk Summary and Analysis shows.

Five flood-related events in 2016 exceeded $1 billion in losses, including the Louisiana flood in August with losses estimated at more than $10 billion and hurricane Matthew in October with losses estimated at $3 billion.

As of December 7, the National Flood Insurance Program (NFIP) had received more the 10,000 claims and paid more than $70 million to policyholders and victims in the five-state area.

Hurricane activity in the Atlantic was slightly higher than average in 2016. Hurricane Matthew caused an estimated $4-6 billion worth of damage in insured losses, $3.5-5 billion caused by wind and $500,000-1 million caused by storm surge.

The land area impacted by severe winds (>80 mph) in 2016 was three times greater than in 2015. Kennedy Space Center, FL recorded the highest wind speed of the year at 101 mph during Hurricane Matthew. Almost one-third of the continental U.S. experienced wind events of 60 mph or higher in 2016. Among the nation’s largest cities, Nashville, TN ranks first as the windiest city with 21 wind-related events and a maximum wind speed of 72 mph.

The activity of other hazards like earthquake or wildfire was relatively average or below-average in 2016.

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