Hurricane-Proofing Buildings Isn’t Enough to Curb Florida’s Storm Losses
Florida’s strong building codes have moderated damage from hurricanes, a Swiss Re analysis finds, but that benefit is eclipsed by population growth that puts more property in harm’s way.
A retail store partially submerged in floodwaters after Hurricane Idalia made landfall in Cristal River, Florida.
Photographer: Eva Marie Uzcategui/BloombergSince Hurricane Andrew in 1992, Florida has been toughening up building codes and touting them as a way to prevent large-scale damage in the wake of strengthening storms. But a new report by Swiss Re, one of the world’s largest providers of reinsurance, finds that added risk from population growth and development in storm-prone areas dwarfs the benefits of these beefed-up codes.
“Building codes are absolutely essential, but the more concentration [of assets in a place], the higher the risk is just going to be,” said Matt Junge, the US head of property underwriting for Swiss Re.