A catastrophe, as defined by the insurance industry, is a natural disaster that causes a certain dollar amount, currently set at $25 million in insured damage. Individual insurance companies may declare a "catastrophe" based on the anticipated loss to their policyholders in the impacted area. In most cases, that means they will set up special claims processing centers, establish 24-hour emergency hotlines and send in additional, specially trained claims adjusters to the scene of the catastrophe. These "catastrophe teams" generally arrive as soon as possible and stay as long as they are needed. Natural catastrophe losses in the United States rose to an historic high in 2017 of $130.9 billion, the year of Hurricanes Harvey, Maria and Irma and costly California wildfires. Natural catastrophe losses fell 55 percent in 2018 and 36 percent in 2019, when they totaled $38.7 billion. In 2020 they rose 111 percent to $81 billion and rose again to $91 billion in 2021. Source: Insurance Information Institute Flooding is the most common natural disaster; however, coverage for flood (defined as rising water) is excluded under most standard homeowners policies. For cars, flooding is covered under the comprehensive portion of most standard auto policies. Homeowners and renters who live in high-risk flood plains and whose communities participate in the National Flood Insurance Program, or NFIP (administered by the federal government), can buy special flood insurance through a company or agent. In March 2023 APCIA (American Property Casualty Insurance Association) released a white paper outlining the Property Market Catastrophe Trends. This white paper looks at inflation, natural disasters, and more straining property insurance markets. Click here to read more. Rocky Mountain Region Statistics Over the last 20 years, Colorado has seen the occurrences of natural disasters increase by 275%. The only state with a larger increase during that time is Kansas, which saw a jump of 288%. Consider this. Between 1982 and 2001 there were 12 natural disasters in Colorado. But, from 2002 to 2021, the state has experienced a total of 45 damage-causing natural events. Drought, wildfires, and floods have been major culprits in Colorado. Over the last 40 years in Colorado alone, the cost of natural disasters is between $20 billion and $50 billion. In states like California and Florida, the cost is in the neighborhood of $200 billion. Volatile catastrophe trends stemming from destructive hailstorms and wildfires are having a significant impact Colorado's homeowners insurance market—both in terms of the number of damage claims and average claims costs. According the Insurance Research Council's Trends in Homeowners Insurance, 2015 Edition, from 2009-2013, Colorado experienced a 179% increase in the average claim payment per insured home compared to the previous 12 years—the largest percentage increase in the U.S. In fact, 54% of Colorado homeowners insurance claims were catastrophe-related. Click here for IRC findings on Colorado homeowners insurance trends.
Most Costly Catastrophes in the Rocky Mountain Region (in order of cost)
*2022 estimated costs calculated according to the Insurance Information Institute with adjustment from 2022 consumer price index. Top Catastrophes in the Rocky Mountain Region (in order of occurrence)
*2022 estimated costs calculated by the Insurance Information Institute with adjustment from 2022 consumer price index.
According to the Insurance Information Institute - 2021 Fact Book Ten Most Costly Catastrophes in the United States
*The National Flood Insurance Program paid $16.3 billion in Katrina claims, in addition to the $41.1 billion paid by private insurers. Sources: Insurance Services Office, Inc. (ISO) & Insurance Information Institute with adjustment from 2022 consumer price index U.S. Catastrophe Record 2001 - 2020 The following chart shows the number of catastrophes causing insured property losses of at least $25 million.
Sources: Insurance Services Office, Inc. (ISO) & Insurance Information Institute with adjustment from 2022 consumer price index Residents evacuated from their homes should contact their insurance agents or companies immediately and let them know where they can be reached. As adjusters are allowed into impacted areas, they will want to go in with their policyholders to access the extent of the damage. In the event of a catastrophe situation, many insurance companies set up 24-hour emergency hotlines. Company claims adjusters, many equipped with laptop computers and portable phones, will start writing checks to pay the cost of temporary living expenses for people left homeless by catastrophes and to begin the rebuilding of damaged homes. Some companies will open special claims centers to assist their policyholders. Contact your agent or company if you need additional living expenses while you are out of your home. Keep receipts. Be prepared to give your agent or insurance representative a description of your damage. Take photos of the damaged areas. Prepare a detailed inventory of all damaged or destroyed personal property. Make whatever temporary repairs you can. Secure a detailed estimate for permanent repairs to your home from a reputable contractor and give it to the adjuster. The estimate should contain the proposed repairs, repair costs and replacement prices. Serious losses will be given priority. Do you know what to do in the event of a disaster? Are you ready if a fire, flood, or tornado strikes your home? It may not be fun to think about, but it never hurts to plan ahead - especially if you live in a disaster-prone area. Know where you should go, who you should notify, and what to bring. A great resource for disaster-planning is FEMA's "Are You Ready?" and Safety.com Emergency Preparedness, they walk you through steps you and your family can take so that you are better prepared should a disaster strike. Do you want to know how to prepare your home in the event of a Natural Disaster? MoneyGeek has a great website that will help you do just that! Please visit Emergency Preparedness: How to Get Your Home Ready for a Natural Disaster. Disasters can and will cause stress to families and individuals. FEMA's Coping with Disaster page offers disaster survivors informaiton regarding dealing with the emotionalaffects of the event. This page gives guidance related to recognizing the signs of and minimizing the impact of disaster-related stress. Please remember that reactions and risk responseto disasters vary, and there are many different signs of disaster-related stress. Supportduring this time is important for all who experience a disaster, especially children, older adults, and vulnerable individuals. Last House Standing: http://flash.org/lasthousestanding/ Do you have what it takes to build the most awesome house around? One that wins you bragging rights and can withstand the worst of Mother Nature? Developed by the Federal Alliance for Safe Homes (FLASH), Last House Standing is a social gaming app that provides the ultimate design and disaster challenge. Players have three minutes and $100,000 to build a house that strikes a perfect balance between stylish and indestructible. When it's finished, the game will unleash Mother Nature's wrath. Whatever is left will be judged on flair and survivability. Challenge random opponents and friends to see who will have the Last House Standing. By making preparedness fun and accessible, Last House Standing can breakdown the common "where to begin" disaster safety barrier. |
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Catastrophe Facts and Statistics (2024)
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