A hinge assembly connecting adjacent panels of an accordion shutter includes a hinge member having a pair of curved arms and a pair of panel connection members each having a pivot shaft. The pivot shafts are received within the corresponding curved arms and retained for rotation therein with the tips of the curved arms received in arm receiving channels of the panel connection members. The adjacent panels may be oriented at an angle of less than 180° with respect to each other when both panel connection members are rotated to positions wherein the tips of curved arms are engaged by the closed ends of the arm receiving channels. The base of the hinge member also has a pair of shoulders, and the adjacent panels are oriented approximately parallel when the panel connection members are rotated to positions wherein the panel connection members are engaged by the shoulders.