Karen Clark report shows huge underinsurance issue
Tampa and St Petersburg are the US cities most at risk of flooding damage from storm surges, according to new research by Karen Clark & Company.
If those twin cities flooded, the loss potental coming from estimated property damage and other losses is $175bn, said the ’Most Vulnerable US Cities to Storm Surge Flooding’ report.
Four of the most at-risk cities are in Florida, and the west coast of the state is more vulnerable than the east coast, Karen Clark said.
Three cities—Tampa, New Orleans and New York—will likely have losses exceeding $100bn from a 100-year storm event, the report added.
Karen Clark added that most of the flood damage potential is not currently insured and that private flood insurance presents a big opportunity for insurers.
The full report also explains why some storms produce more storm surge than others and gives more detail on the risk to what coastal cities are at highest risk from flooding caused by a 100-year hurricane.