The Weekly: From heat to hail - why disaster costs are skyrocketing
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Homeowners who built their homes to IBHS certified FORTIFIED standards saved thousands after Hurricane Sally hit in 2020. The FORTIFIED building standard is saving homes from Category 3 storm damage, and also saving homeowners and insurance companies costs on annual insurance premiums and claims.
Three key levers present opportunity for private capital to improve the resiliency of infrastructure and assets during hurricanes: reduce exposure by pricing in disaster risk, fortify assets with hurricane-resilient materials, create partnerships between public and private actors.
Hurricanes are the most costly type of climate disaster. The high cost comes from population growth in hurricane-prone areas, incentives that motivate rebuilding in those same areas, and physical assets in harm's way that aren't designed to withstand severe hurricanes.
5 Early Insights from Hurricane Helene. Climate change exacerbated the impacts of Helene. Hurricanes are no longer just a coastal threat. And utilities face growing recovery costs alongside pressure to build more resilient grid systems.