Hurricanes

2020 was a record-breaking year for hurricane and tropical storm activity. Between mid-May and late November, we saw thirty named storms form in the Atlantic – the most in a single year. Twelve of them made landfall in the United States, six were official hurricanes.

Five of those named storms made landfall in the state of Louisiana, the highest on record for that area. 2020 possessed a uniquely conducive set of atmospheric and oceanic conditions and was predicted to generate a well-above-average number of storms and landfalls. The impact of each storm and the post-event recovery process were also complicated by COVID-19 restrictions.

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Without proper planning, recovering from a major windstorm amidst a pandemic can be a disaster. Access to limited response teams and recovery resources can cause further delay in post-hurricane assistance.

Hurricanes and tropical storms pose a serious risk to the Atlantic coastal areas. Adequate planning ahead of time is the key to minimizing losses. Before the 2021 season arrives, take time to review your existing windstorm plans – for pre-season, in-season and post-storm measures.​

Businesses exposed to major hurricane risk often face gaps in coverage in the traditional insurance marketplace. Especially today, when so many of our assets are intangible and our revenues can be interrupted by more than just physical property damage. For example, infrastructure disruptions that cause major supply chain delays or area power outages that impact your remote workforce. Does your existing coverage offer appropriate protection? Parametric STORM™ is an index-based solution that offers speedier payout options (usually in less than 30 days after the event) and broader flexibility of fund usage for post-loss expenses.

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