October 01, 2015
Hurricane Joaquin Update
Hurricane Joaquin, a now Category 3 hurricane, may be making U.S. East Coast landfall by the end of the weekend. Although projections are optimistic, they are incredibly unpredictable, and residents are preparing themselves for another Superstorm Sandy.
Currently, islands in parts of the Bahamas are being inundated by heavy rains and high winds of up to 125 mph. By Friday, when the hurricane reaches Nassau, we could be looking at a Category 4 storm with winds reaching 140 mph. This could result in catastrophic damage on the populated island. Storm surges and swells make coastlines and sea vessels vulnerable to damage.
The forecast models show the storm could hit North Carolina by Monday and New Jersey by Tuesday. Governor Chris Christie has already declared a State of Emergency in anticipation of the hurricane’s landfall. However, projections will continue to change as Joaquin develops.
If you have not assessed your hurricane or storm policy recently, it may be time. Don’t let the next hurricane catch you unexpectedly. Uninsured losses can cripple a business. According to the National Oceanic and Atmospheric Administration, here are the five most expensive hurricanes and their total damage.
5. Hurricane Wilma (2005) - $21 billion
4. Hurricane Andrew (1992) - $26.5 billion
3. Hurricane Ike (2008) - $29.5 billion
2. Hurricane Sandy (2012) - $65 billion
1. Hurricane Katrina (2005) - $108 billion
Our experts can help you review your risk management needs and even discuss business continuity planning. Read more about hurricane risk assessment here.