The 2024 hurricane season was one of the most destructive on record, with 18 named storms, 11 hurricanes, and 5 major hurricanes causing over $200 billion in damages. Florida’s west coast, once considered less vulnerable, was hit particularly hard as Hurricanes Helene and Milton made catastrophic landfall back-to-back, bringing record storm surges, flooding, and tornadoes. Historically, insurers tried to balance risk by writing more policies in North Florida; however, last season proved that some regional insurers now face an unprecedented concentration of risk in North Florida, highlighting the need to reassess their market share and geographic diversity.
This year, the NOAA predicts a 60% chance of an above-average hurricane season, with 13 to 19 named storms and up to 5 major hurricanes expected. This heightened forecast is driven by several key factors: the absence of both El Niño and La Niña, an active African monsoon, reduced wind shear, and exceptionally warm Atlantic Ocean temperatures—all of which create ideal conditions for more frequent and intense storms.
As storms become more frequent and severe, insurance markets are experiencing higher premiums and stricter underwriting, making comprehensive coverage more critical than ever. To protect assets, Floridians should prioritize homeowners, excess flood, and business interruption insurance, but also consider renters, comprehensive auto, and commercial property coverage. These policies together offer vital financial protection as the risk of damaging storms continues to rise.
