Don't let a storm blow away your profits this hurricane season
May 30, 2018
The 2017 Atlantic hurricane season was a hyperactive, deadly, and extremely destructive season, featuring 17 named storms, ranking it as the most expensive on record, as stated by Bloomberg. Further, according to the National Hurricane Center, damages (insured and uninsured losses) in the United States due to hurricanes Irma (FL) and Harvey (TX, LA) amounted to a whopping $175 billion. Additionally, Hurricane Maria, which affected Puerto Rico and the US Virgin Islands, caused $90 billion in damages.
Business ImpactEven one single hurricane can result in tremendous destruction. According to Colorado State University (CSU) 2018 is predicted to be another above-average season, with forecasters expecting 14 named storms. Seven of those are expected to become hurricanes and three are expected to be major hurricanes. Protecting the bottom line in order to remain open, or to re-open quickly after a hurricane disaster, requires taking steps now to prevent or reduce resulting damage should your business be in the path of a violent storm.
What Can You Do?When it comes to hurricanes and tropical storms, being prepared is key. As hurricane season approaches, there are important preventative actions you can take to reduce your risk of costly damage and give you peace of mind.
XL Catlin’s Property Risk Engineering/GAPS team can assist you with your property loss prevention any time of the year. For additional information on preventing flood-related losses at your facility, please contact one of our Property Risk Engineering Leaders. Be sure to check out Calm Before the Storm: Facility Planning for severe weather conditions, a helpful toolkit compiled by our Property Risk Engineering team to help businesses’ weather preparedness. XL Catlin also partners with the Insurance Institute for Business & Home Safety (IBHS) to provide you information on how to mitigate the risks involved with hurricanes.
Below is an infographic and click here for some tips to help you minimize or prevent damage to your property and financial security due to hurricanes.
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