From a catastrophe-loss standpoint, 2011 is more likely to be remembered for the variety and frequency of loss events rather than a singular catastrophe.
Nonetheless, several events standout amidst the assortment of earthquakes, wildfires, hurricanes and tornados, notes
One is the breadth of hurricane damage sustained. The report notes that 2011 was the most expensive and the deadliest hurricane season for the United States since 2008. The vast majority of this was caused by Hurricane Irene which battered the northeastern United States in August and caused extensive flood damage in areas of New York, New Jersey and Vermont.
“Though only three named Atlantic storms made landfall, they caused at least a combined $8 billion in damage, primarily from flooding,” the report states. “Comparing flood damage over the past several years with the flood damage from Hurricane Irene, the flood loss from this single hurricane ranks as the second most expensive in this region.”
The geographic spread of the damage will cause many to reconsider their vulnerability to flood risk, CoreLogic says. “Important to note is that the floods of 2011 have heightened awareness of flood risk outside of the FEMA 100-year flood zones and will put pressure on businesses and insurance companies to develop a better understanding of flood-risk vulnerability. Hurricane storm surge potential and inland flooding this year also have emphasized the need to raise the current flood protection standard for the critical and strategic infrastructures in the United States.”
Moreover, the report notes that the 2011 tornado season was the third most active since 1980, with 1,559 storms to date this year. “What really set the 2011 tornado season apart from previous years was the number of casualties, with a total of 552 as of December 1,” the report states. “The total number of deaths in 2011 alone is equal to the previous 10 years of tornado-related deaths combined. Given that we live in the era of Doppler radar, which has lead to earlier and more accurate tornado warnings, this number is exceptionally extraordinary. The direct urban hits by tornadoes in Tuscaloosa, Ala., and Joplin, Mo., greatly contributed to the exceedingly high number of casualties.”
Another unexpected turn was the earthquakes felt this year in Virginia and Oklahoma. “Though, in reality, earthquake activity in 2011 mirrored the long-running trend of quake concentration in the western United States, where underlying geology and plate tectonics generate a more active seismic zone, the two unexpected events in the Midwest and Northeast caused a considerable stir among homeowners, insurers and many others affected by the quakes.”
