AUGUST 2016
- Maine 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 $36 million in private insurance claims in Maine. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
- Maine was one of 14 states affected by August 2011’s 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, not including flood losses covered under the National Flood Insurance Program (NFIP), according to ISO. The NFIP puts its claims payouts from Irene at $1.3 billion (in all states).
- There were 8,735 flood insurance policies in Maine in 2015. Standard homeowner’s 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 Maine totaled $164.6 billion in 2013, accounting for 58 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.
- Population growth from 2010 to 2015 in coastal New England counties ranged from 3.6 percent in Massachusetts to 1.6 percent in New Hampshire, 0.3 percent in Rhode Island and Connecticut, and 0.4 percent in Maine, according to the U.S. Census Bureau.
Other Resources
I.I.I. Facts & Stats: Flood Insurance
