PM-24-087 Educational Tools for Hurricane Insurance Protection - Wind Index and the Tropical Storm Option
BACKGROUND:
The Risk Management Agency (RMA) developed HIP-WI in 2020 and TS in 2023. Since implementation, these programs have paid over $1.5 billion within a few weeks after each tropical cyclone. In 2024 alone, five hurricanes triggered $770 million in payments across nine states (Hurricanes Beryl, Debby, Francine, Helene, and Milton).