2017 Marks Costliest Year on Record for Natural Disasters Making Investing in Disaster Mitigation More Valuable than Ever

The National Institute of Building Sciences found that every $1 spent on mitigation can save the U.S. $6 in future disaster costs

WASHINGTON - A new report from the National Institute of Building Sciences highlighted the unprecedented importance of mitigation investment as 2017 marked one of the costliest years on record due to weather-related disasters. Total costs exceeded $300 billion, and natural disasters continue to pose a serious threat across the U.S. The report ultimately found that every dollar invested in disaster mitigation can save the U.S. $6 in future costs, far more than previously estimated.

“Mitigation is proving to be a critical investment for businesses, consumers, and the government to navigate the increasing number of severe weather events,” said Robert Gordon, senior vice president of policy, research, and international at PCI. “The NIBS report provides numerous strategies and solutions for protecting our homes and neighborhoods from disasters, such as elevating homes at risk of flooding, improving stormwater management systems, replacing old roofs, and strengthening buildings against earthquakes.

“These mitigation measures will save lives as well as money, in addition to creating long-term jobs as part of mitigation investments,” Gordan said. 

The full findings of the National Institute of Building Sciences study can be found here

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PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $216 billion in annual premium, 36 percent of the nation's property casualty insurance. Member companies write 43 percent of the U.S. automobile insurance market, 29 percent of the homeowners market, 34 percent of the commercial property and liability market and 36 percent of the private workers compensation market.