Construction companies, it's time to prepare for hurricane season

An expert at AIG shares the plans and actions construction clients should implement before, during and after a windstorm.

Below, find best practices for construction operations to consider as we enter the next hurricane season. (Photo: Adobe Illustrator(R) 12)

Let’s face it; we all do it: Every spring, we anxiously await the predictions from various natural catastrophe experts, weather or climate organizations and academic institutions. How many named Atlantic storms will there be, how many will make landfall, and out of those, what number will become major hurricanes?

When those predictions come out, is your general gut feeling these predictions will come to fruition? Will they be accurate? Or fingers crossed, will we hopefully see less activity this year and beyond? As a risk manager, broker or insurance company dealing with risk in the construction industry, we know from recent data that one can no longer hope for the best and assume it will be a ‘quiet’ year.

The data suggest the ever-growing complexity and size of risks for construction contractors, managers and owners. A better understanding of the data and the risk will lead to determining how best to prevent and mitigate loss from hurricanes and other major wind events and possible flash flooding or storm surge. We at AIG outline plans and actions below that all vested parties can partner on to implement prior to, during and after an event.

Extremely active hurricane season

This past year was another record-breaker. The National Oceanic and Atmospheric Administration (NOAA) accurately predicted the extremely active year. In total, the 2020 season produced 30 named storms (top winds of 39 mph or greater), of which 13 became hurricanes (top winds of 74 mph or greater), including six major hurricanes (top winds of 111 mph or greater). This is the most storms for one season on record, surpassing the 28 named storms from 2005 and the second-highest number in any year on record.

The predictions for 2021 are grim. The Colorado State University (CSU) Tropical Meteorology Project Team is predicting an “above average” Atlantic hurricane season this year, with 17 named storms, including eight hurricanes, four of which are predicted to become major hurricanes.

When looking at the global loss trends (Figure 1) of world natural catastrophes by overall and insured losses, 1980–2018, we see that over the course of 1980–2018, the number of events continues to be in an upward trend, with hurricane, storm and flood events as primary drivers.

Figure 1. (Source: Source: © 2019 Munich Re, Geo Risks Research, NatCatSERVICE. As of March 2019.)

Data going back to 1992 details that 14 of the 15 costliest natural disasters were due to windstorms (12 hurricanes and 2 tornado outbreaks). All but two of these windstorms (Hugo and Andrew) have occurred very recently since 2004. Recent notable windstorm events include Sandy (2012), which caused over $70 billion in losses, producing extensive damage in several states, and Katrina (2005), which caused over 1,200 fatalities and losses in excess of $150 billion, and produced destructive storm surge along the Gulf Coast, as well as high winds and property damage as far inland as Ohio. Given this trend with the fact that demographics are rapidly changing, coastal cities continue to boom, materials and labor costs continue to increase, the potential for more frequent and larger losses does not appear likely to subside in the immediate future.

The data is alarming and should serve as a sober warning for all stakeholders involved in the insuring and protection of construction projects in hurricane- or wind-prone areas. The following are best practices to consider as we enter the next wind season.

Before an event:

During an event:

After an event:

These plans and actions can help to both prevent and mitigate potential loss due to hurricanes and related wind events.  And most importantly, they will create improved probability in delivering construction projects on time, keeping costs contained, and lowering the overall cost of risk.

Eric Zimmerman joined AIG as the construction product line executive for the Americas in September 2013. He is responsible for the development and implementation of construction strategy, as well as the profitability and growth of the U.S. AIG Builders Risk – Construction Property portfolio. Zimmerman is also responsible for underwriter training and development, thought leadership in the marketplace, underwriting of referral cases and new product development. Zimmerman has spent over 25 years in the commercial insurance industry in a number of underwriting, management and leadership roles with Kemper, Chubb and Zurich. Prior to joining AIG, he was head of engineering lines in North America for Zurich. He has a Bachelor of Business Administration degree from the University of Wisconsin at Madison, with majors in risk management & insurance and human resources. The opinions expressed here are the author’s own. 

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