The Determinants of Residential Property Damage Caused by Hurricane Andrew

Fronstin, Paul; Holtmann, A. G.; Gables, Coral

doi:10.2307/1059986

Cited by 82 publications

(47 citation statements)

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“…However, neither set of studies have incorporated the role of building codes in reducing hail losses as we do here. Furthermore, although there have been other natural disaster loss studies that investigate the role of adopted building codes in reducing losses (Fronstin and Holtmann, 1994;IBHS, 2004;Keith and 3 The nation's second most damaging hailstorm since 1949, the Tri-State hailstorm which occurred on April 10, 2001, did the bulk of its damage through the state of Missouri (Changnon et al, 2009) 4 http://www.disastersafety.org/building-codes/missouri/ 5 Thus the losses we are modeling are only insured losses. It is possible that was further non-insured damage that was incurred during these storms which we do not have access to and are therfore not including in our modeling.…”

mentioning

confidence: 99%

Convective Storm Vulnerability: Quantifying the Role of Effective and Well-Enforced Building Codes in Minimizing Missouri Hail Property Damage

Czajkowski¹,

Simmons²

2014

Land Economics

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Established in 1984, the Wharton Risk Management and Decision ProcessesCenter develops and promotes effective corporate and public policies for low-probability events with potentially catastrophic consequences through the integration of risk assessment, and risk perception with risk management strategies. Natural disasters, technological hazards, and national and international security issues (e.g., terrorism risk insurance markets, protection of critical infrastructure, global security) are among the extreme events that are the focus of the Center's research.The Risk Center's neutrality allows it to undertake large-scale projects in conjunction with other researchers and organizations in the public and private sectors. Building on the disciplines of economics, decision sciences, finance, insurance, marketing and psychology, the Center supports and undertakes field and experimental studies of risk and uncertainty to better understand how individuals and organizations make choices under conditions of risk and uncertainty. Risk Center research also investigates the effectiveness of strategies such as risk communication, information sharing, incentive systems, insurance, regulation and public-private collaborations at a national and international scale. From these findings, the Wharton Risk Center's research team -over 50 faculty, fellows and doctoral students -is able to design new approaches to enable individuals and organizations to make better decisions regarding risk under various regulatory and market conditions. The Center is also concerned with training leading decision makers. It actively engages multiple viewpoints, including top-level representatives from industry, government, international organizations, interest groups and academics through its research and policy publications, and through sponsored seminars, roundtables and forums.More information is available at http://wharton.upenn.edu/riskcenter . Abstract: Having strong building codes in place in a community is frequently touted as a critical component to reducing total property damage due to natural disaster occurrence. However, at the local level not all jurisdictions adopt equal codes nor properly enforce their codes once they have been adopted. In this study we empirically test whether zip code jurisdictions with effective and well-enforced building codes demonstrate better loss experience from the occurrence of a hail storm than those without. We model industry and exposure-based hail claim insurance data from 2008 to 2010 in the highly hail impacted state of Missouri. While the primary focus of the research is on building code effectiveness and enforcement ratings, the empirical model also controls for other relevant hazard, exposure, and vulnerability explanatory variables in the loss estimation. Results across a number of industry and exposure-based specifications consistently indicate that more favorable building codes do in fact matter in reducing hail damage on the order of 10 to 20 percent. Moreover, we generally find that it is better...

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mentioning

confidence: 99%

Convective Storm Vulnerability: Quantifying the Role of Effective and Well-Enforced Building Codes in Minimizing Missouri Hail Property Damage

Czajkowski¹,

Simmons²

2014

Land Economics

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“…Strengthening buildings with hurricane resistant construction reduces damage costs. Fronstin and Holtman (1994) found that Hurricane Andrew, which struck Florida in 1992, caused less damage in subdivisions with higher average home prices. Although houses were more expensive in higher income areas, because the houses were more storm-resistant, nearby houses suffered less damage from wind-blown debris.…”

Section: Factors That Influence Hurricane Damage Costsmentioning

confidence: 99%

Estimating the Vulnerability of U.S. Coastal Areas to Hurricane Damage

Pompe¹,

Haluska²

2011

Recent Hurricane Research - Climate, Dynamics, and Societal Impacts

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“…Darwin's rush towards development and lax building oversight set the scene for the massive destruction by Tracy (Walker 2010). Much of the damage caused by Andrew has been attributed to lax enforcement of building standards (Fronstin and Holtmann 1994). Katrina, especially, should have caused only minimal damage to New Orleans based on the winds that were directly experienced; the resulting disaster arose from a combination of reduction in wetlands, installation of shipping canals and levee design that led directly to the massive flooding and destruction of the city (IPET 2008).…”

Section: Tracy In An Historical Perspectivementioning

confidence: 99%

Tracy revisited: historical perspective, synoptics, track and winds

Holland¹

2010

AMOJ

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The Determinants of Residential Property Damage Caused by Hurricane Andrew

Cited by 82 publications

References 1 publication

Convective Storm Vulnerability: Quantifying the Role of Effective and Well-Enforced Building Codes in Minimizing Missouri Hail Property Damage

Convective Storm Vulnerability: Quantifying the Role of Effective and Well-Enforced Building Codes in Minimizing Missouri Hail Property Damage

Estimating the Vulnerability of U.S. Coastal Areas to Hurricane Damage

Tracy revisited: historical perspective, synoptics, track and winds

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