Hail Claims Rank Most Hefty for Insurance Companies
Despite another year of costly wildfire devastation, Colorado insurance companies claim hail to be the most expensive catastrophe.
NPR.com excerpt, July 7, 2013: “The fact is, for insurance companies, wildfires aren’t that big a deal compared to say, tornadoes or hurricanes. And even in fire-prone Colorado, hail is still responsible for more actual insured losses than fire. One hailstorm over the Denver area in July 2009 led to almost $790 million in insurance claims (approximately $820 million in 2012 dollars) — about double what the Waldo Canyon Fire cost.”
Insurance companies across the board have seen an 84% rise in hail-related claims over the last 2 years. A total of 467,602 hail damage claims were logged in 2010 compared to 861,597 claims in 2012, according to a National Insurance Crime Bureau report.
From at atmosphere perspective, the amplification of severe storms across the U.S. has definitely intensified the situation bringing extensive property damage caused by damaging winds, tornadoes, and hail.
PropertyCasualty360.com excerpt, July 17, 2013: “One of the most dramatic takeaways in NICB’s overall assessment is the sheer volume of claims processed by its member companies. In fact, more than 2 million hail damage claims were processed from January 1, 2010 to December 31, 2012. During this period, the largest number of claims originated in Texas, which logged a total of 320,823. In 2010, 2011 and 2012, Texas saw 557, 741 and 795 hail events, respectively. NICB notes that claims activity follows the hail storm activity as posted on the National Weather Service’s Storm Prediction Center. Trailing behind the Lone Star state is Missouri, with 138,857; Kansas, with 126,490; Colorado, with 118,118; and Oklahoma, with 114,168.”
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