CoreLogic Inc. said Thursday that more than 33 million U.S. properties are at risk of hurricane-force wind damage and that there is $11.6 trillion of total reconstruction cost value at risk nationally for the 2023 Atlantic hurricane season.
The CoreLogic analysis includes risks for more than 32 million single-family residences and 1 million multifamily residences along the U.S. Gulf Coast and Atlantic Coast, according to a company statement.
CoreLogic has identified that such residences are at moderate or more significant risk of sustaining damage from hurricane-force winds for the 2023 Atlantic hurricane season. This damage would have a combined reconstruction cost value of $11.6 trillion, according to the study.
The report also focused on metropolitan areas including New York. More than 4.3 million single and multi-family residences in the New York City metro area are at risk of hurricane-force winds and equate to a reconstruction cost value of $2.4 trillion at risk, CoreLogic said.
Other major metro areas including Texas’ Houston-Woodlands-Sugar Land area and Florida’s Miami-Ft. Lauderdale-Pompano Beach each has 2.1 million residences with combined reconstruction cost values of $649.8 and $585.0 billion, respectively, CoreLogic said.
Tom Larsen, senior director for CoreLogic Insurance Solutions, said in a statement that insurers and lenders should adapt to climate changes by “deepening their understanding of property risk, embracing proactive loss prevention measures and collaborating with stakeholders across the industry to ensure long-term resilience.”