AUGUST 2016
- Delaware was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit. This would make Sandy the third most costly U.S. hurricane, after hurricanes Katrina and Andrew.
- Sandy resulted in $84 million in private insurance claims in Delaware. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
- In August 2011 President Obama declared that a major disaster existed in the state of Delaware in the wake of Hurricane Irene, the first hurricane to hit the U.S. since Hurricane Ike in 2008. Irene impacted 14 states, causing a total of $4.3 billion in insured property damage, according to ISO. This does not include flood losses, which are covered under the National Flood Insurance Program (NFIP). The NFIP puts its claims payouts from Irene at $1.3 billion (in all states).
- Two of the 10 costliest hurricanes to hit the U.S., based on insured property losses, caused damage in Delaware: Hurricane Ivan in 2004 and Hurricane Sandy in 2012. (See chart below.)
- There were 26,843 flood insurance policies in Delaware in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
- The insured value of properties in coastal areas of Delaware totaled $81.9 billion in 2013, accounting for 39 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.
- Delaware’s FAIR Plan commenced operating in 1968 to make basic property insurance available to those unable to secure such coverage from the voluntary insurance market. The Plan is an association of the property insurance companies doing business in Delaware and does not receive government support.
- The FAIR Plan had 1,808 policies with an exposure of $281 million in fiscal year 2015.
Other Resources
FEMA Regional Flood Fact Sheet: http://www.floodsmart.gov/floodsmart/pdfs/Region_3_Hurricane_fact_sheet_FINAL_for_web.pdf
I.I.I. Facts & Stats: Flood Insurance
I.I.I. Facts & Stats: Hurricanes
I.I.I. Issues Updates: Catastrophes
I.I.I. Issues Updates: Hurricane and Windstorm Deductibles
