Triple-I Blog | Survey SuggestsFew Homeowners Prepare for Weather-Related Risks

By Mary Sams, Senior Research Analyst, Triple-I

The 2023 Atlantic hurricane season formally began June 1 and is forecast to be a busy one, which is why householders want to arrange. Yet many lack even essentially the most fundamental preventative measures, unaware of the dangers they face, based on a brand new survey by Triple-I, in coordination with Munich Re.

The new report, Homeowners Perception of Weather Risks,offers insights into traits, conduct and the way experiencing a climate occasion impacts client perceptions of future occasions. 

In the primary half of 2023, Triple-I, in coordination with Munich Re, requested householders throughout the United States about their experiences with weather-related dangers.  Among the important thing findings:

• Twenty-five % of respondents don’t anticipate to be impacted by climate dangers sooner or later.
• Thirty-two % report that they’ve been impacted by climate within the final 5 years.
• Two main methods to arrange for climate threat consists of creating a house stock and an evacuation plan in case of emergency.  Yet solely 47 % of respondents have a house stock and barely extra (52 %) have an evacuation plan.
• Thunderstorms are reported because the chief climate concern, at 54 % nationally.  This consists of flooding and tornados and varies by geographic area.  The Midwest leads the world of highest reported thunderstorm threat, at 75 %, and the West area reviews the bottom proportion of concern, at 33 %.

The survey suggests consciousness and schooling round flood threat are the best alternative for getting householders to take the mandatory steps to guard their property.  For instance, among the many 22 % of respondents who reported understanding their flood threat, 78 % stated that they had bought flood insurance coverage. 

Learn More:

State of the Risk: Flood (Triple-I Issues Brief)

State of the Risk: Hurricanes (Triple-I Issues Brief)

State of the Risk: Convective (Triple-I Issues Brief)

Stemming a Rising Tide How Insurers Can Close the Flood Protection Gap (Triple-I/Capgemini)

Severe Convective Storms: Evolving Risks Call for Innovation to Reduce Costs, Drive Resilience (Triple-I Research Paper)

Flood: Beyond Risk Transfer (Triple-I Research Paper)