2021 saw the third-most named storms on record — with seven of the 21 storms becoming hurricanes — and 2022’s hurricane season is predicted to be just as intense.
As last year’s hurricane season highlighted the importance of being financially protected from catastrophic losses even in places that aren’t typically at risk, it’s crucial to start preparing for this year’s season now (and our recent research report shows that many people aren't).
According to Aon’s Global Catastrophe report, the first three months of 2022 marked the sixth consecutive year to record more than $10 billion in insured losses from natural disasters around the world. The study projects that climate-related losses are likely to escalate as global warming increases.
This year’s hurricane season, which starts on June 1, is projected to see 19 named storms and nine hurricanes, four of which are expected to turn into major hurricanes (storms with winds that exceed 111 miles per hour) according to Colorado State University’s Department of Atmospheric Science. Additionally, AccuWeather forecasts that a weak La Nina could persist through the season, which could enable more storms to form.
In preparation, some carriers have started to collaborate with companies to protect policyholders who reside in high-risk areas:
Farmers Insurance is working with AccuWeather and CoreLogic to offer states free emergency weather alert systems which would send text notifications to policyholders 20 minutes in advance of severe weather. These alerts are more precise and address-specific than other public warning alert systems. The carrier also created a digital resource for customers to learn more about natural disasters and give tips on what they could do to keep them and those around them safe.
The Hartford launched a hurricane preparedness campaign during the first week of May and is sending targeted emails to property customers located in areas typically affected by hurricanes. These emails educate customers with tips and tricks on how to prepare their homes before and after a storm. The carrier also uses customer data to email and target social media posts to customers who are in a storm’s path.
Cities across the East Coast who were unexpectedly hit by storms in 2021 are signing up for Tomorrow.io, a weather and climate security platform that has the ability to synthesize weather data down to a city-block level and break down forecasts to a matter of minutes before they hit. By augmenting the U.S. National Oceanic and Atmospheric Administration (NOAA) data and purchasing proprietary datasets from private companies with their own weather sensors, the company provides cities with hyper-local forecasts.