The population of hurricane-prone areas in the US continues to rise, with implications for the price of property insurance to be felt for years to come, a US Senate committee on banking, housing and urban affairs has heard.

Insurance Information Institute President Robert Hartwig has told the committee property values and coastal development has continued to rise, and insured coastal exposure in Florida alone now exceeds $US2 trillion ($2.4 trillion).

“It is expected that the value of insured coastal property will double within the next decade as coastal populations and property values continue to soar,” he said.

The committee is examining the availability and affordability of property and casualty insurance in the Gulf Coast and in other coastal regions.