Insurance Considerations for Hurricane Season

As many experts predicted, the 2024 hurricane season has already been active with a number of storms already wreaking havoc. In July, the National Oceanic and Atmospheric Administration (NOAA) added Hurricane Beryl to its 2024 list of billion-dollar disasters, and the storm’s formation in June made it the earliest Category 5 hurricane on record. AccuWeather estimated Beryl caused $28 billion to $32 billion in total damages, of which insurers may face $2.7 billion in damages in the United States alone, according to catastrophe modeling company Karen Clark & Co.