Severe winds will be on the rise in the coming few decades, both because more tropical cyclones will reach major hurricane status and because some areas, Florida in particular, can expect severe winds to push further north.
In 2022 alone, there were 18 weather events with insurance losses exceeding $1 billion each. Most modeling indicates that’s a total that’s only going to rise And the research demonstrates that Florida, the most exposed state, can expect a shift in the landfall of hurricanes from the south in cities such as Miami, to more northern locations such as Jacksonville. This shift in location and strength of hurricanes in Florida alone results in the number of properties that may face a Category 5 hurricane rising from 2.5 million in 2023 to 4.1 million by the year 2053.
The findings also prompted executives at CAPE Analytics to share what their own research finds to be shortcomings among many homeowners when it comes to property characteristics and an increasing risk that wind will bring far greater damage than a home is insured for, or that owners fully understand.
Earlier this month, CAPE said it now partners with Google Cloud GOOGL, -2.83% to develop predictive analytics that enhance risk management for insurance carriers and property valuation for the real estate and mortgage industries.