August 24, 2022 marks the 30-year anniversary of one of the most infamous U.S. landfalling hurricanes in recorded history: Hurricane Andrew. The Category 5 hurricane altered not only the risk management landscape, but substantially impacted the real estate and mortgage lending markets of South Florida.
Andrew 2.0: A Reimagined Insurance Industry provides perspective on the past, summarizing what happened in the wake of the storm, and looks to the future answering the question: what would happen if another Andrew-like event occurred today?
Read the report to understand:
- What happened in August 1992?
Hurricane Andrew was one of the costliest landfalling U.S. landfalling hurricanes, and the impacts were felt by not just the residents of South Florida, but in the insurance, risk management and real estate markets.
- How much damage would another Andrew-like event cause?
The landscape of South Florida has changed dramatically in the 30 years since Hurricane Andrew. CoreLogic estimates the economic and insured losses from another Andrew-like event, as well as the number and total reconstruction value (RCV) of residential properties at risk.
- Would other industries feel the impacts?
(Re)insurance providers would not be alone in feeling the effects of another Andrew-like event. The real estate, lending and tourism industries in South Florida would also be impacted substantially.
With this knowledge in hand, we can all better protect the homes, families, and businesses we love.