Overview
Hurricane Ike was the second largest U.S. natural catastrophe loss in nominal dollars and the sixth
biggest loss relative to the size of the current economy. Holborn estimates that Ike caused roughly
$20Bn of direct insured loss, including $4Bn of Energy and $1.5Bn of LAE, with $6Bn of that amount
reinsured. Passing over Houston, with a regional population of four million, Ike was the first time a
major U.S. city had been exposed to hurricane-force winds. Gustav was also a significant loss, at
roughly $7Bn gross.
Record U.S. hurricanes
| |
By Nominal Dollars
|
By Economic Impact |
By Fatalities |
Rank |
Storm |
Year |
Amount |
Storm |
Year |
% of GDP |
Storm |
Year |
Number |
1 |
Katrina |
2005 |
$60Bn
|
Katrina |
2005 |
0.48% |
Galveston |
1900 |
8,000 |
2 |
Ike |
2008 |
$18Bn - $22Bn |
Andrew |
1992 |
0.24% |
Okeechobee |
1928 |
2,500+ |
3 |
Andrew |
1992 |
$16Bn |
Betsy |
1965 |
0.19% |
Katrina |
2005 |
1,833 |
4 |
Wilma |
2005 |
$12.5Bn - $15Bn |
Camille |
1969 |
0.14% |
SC/Georgia |
1893 |
1,000 - 2,000 |
5 |
Charley |
2004 |
$12.5Bn |
Ike |
2008 |
0.12% - 0.15% |
Louisiana |
1893 |
1,100+ |
6 |
Ivan |
2004 |
$10Bn |
Hugo |
1989 |
0.12% |
New England |
1938 |
720 |
7 |
Rita |
2005 |
$10Bn |
Charley |
2004 |
0.11% |
SC/Georgia |
1881 |
700 |
8 |
Frances |
2004 |
$7.5Bn |
Wilma |
2005 |
0.10% - 0.12% |
Labor Day |
1935 |
405 |
9 |
Gustav |
2008 |
$6Bn - $8Bn |
Ivan |
2004 |
0.09% |
Louisiana |
1856 |
400 |
10 |
Hugo |
1989 |
$7Bn |
Rita |
2005 |
0.09% |
Audrey |
1957 |
390 |
Note: Loss amounts include LAE and off-shore exposures. Fatalities are U.S. mainland only, as reported by NHC, except for 1938 which includes flood victims inland.
The total number of named storms was just below the long-term average of 17. However, the
number of storm days and the number of major hurricanes were both above average. The increase
may partly be due to better monitoring technology and the National Hurricane Center upgrading
storms earlier.
2008 was the third highest year for U.S. insured hurricane loss, after only the 2005 (Katrina) and
2004 (four storms in Florida) seasons.
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