A Firm Foundation: How Insurance Supports the Economy

When adjusted for inflation, nine of the 10 costliest hurricanes in U.S. history have struck since 2005. Construction along both the Gulf Coast and East Coast continues to develop, and property values have increased, resulting in higher loss exposure.

The chart below shows insured losses in dollars for the top 10 costliest hurricanes in the United States when they occurred and in 2022 dollars, adjusted for inflation. According to Aon, Katrina was the costliest hurricane on record, causing $65 billion in insured losses when it occurred in 2005, including losses from the NFIP. Losses from Katrina totaled $98.7 billion in 2022 dollars.

Top 10 Costliest Hurricanes In The United States (1)

($ millions)

      Estimated insured loss
Rank Year Hurricane Dollars when occurred In 2023 dollars (2)
1 2005 Hurricane Katrina $65,000 $101,865
2 2022 Hurricane Ian 54,000 55,772
3 2021 Hurricane Ida 36,000 40,503
4 2012 Hurricane Sandy 30,000 39,918
5 2017 Hurricane Harvey 30,000 37,609
6 2017 Hurricane Irma 30,050 37,473
7 2017 Hurricane Maria 29,511 36,802
8 1992 Hurricane Andrew 16,000 34,951
9 2008 Hurricane Ike 18,200 25,604
10 2005 Hurricane Wilma 10,700 16,533

(1) Includes Puerto Rico and the U.S. Virgin Islands and losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Includes hurricanes that occurred through 2023. Subject to change as loss estimates are further developed. As of January 2024. Ranked on insured losses in 2023 dollars.
(2) Adjusted for inflation by Aon using the U.S. Consumer Price Index.

Source: Aon.

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