« North Texas new homebuilders picking up pace to meet customer demand | Main | Lewisville-based Nationstar buys mortgage servicing rights from Bank of America »

01/07/2013

DFW storms in April, June were state's biggest insured losses in 2012

The hail storm that hit mostly Dallas County in June was the state's biggest weather-related event in Texas last year in terms of insured property damage, followed closely by the tornadoes and hail that ripped through Tarrant County and other parts of North Texas in April, says the Insurance Council of Texas. The trade group said the Dallas hail storm caused an estimated $890 million in insured damages, while the April tornadoes produced an estimated $775 million in losses. Those far exceeded the No. 3 event -- an estimated $260 million in losses from wind and hail in McAllen, in the Lower Rio Grande Valley. In all, Texas last year experienced $2.3 billion in losses from seven "catastrophic weather events," defined as at least $25 million in insured losses, the council said. 

Gary Kerney, assistant vice president for property claims services with Verisk Insurance Solutions, told the ICT that Texas had a quarter of the nation’s catastrophic weather events and about 10 percent of the total insured losses.  The group cited ISO Services, which said there were 26 weather-related catastrophes in the United States last year with a total of $27 billion in insured losses. Nearly half of that, $11 billion, was from Hurricane Sandy, which hit the Northeast in October. While Sandy is expected to the the second-costliest storm since Hurricane Katrina, Kerney said "the number of weather catastrophes for the country was about average last year including the total insured losses."

    Mark Hanna, a spokesman for the ICT, said all seven of the Texas' weather catastrophes occurred between March 18 and June 13, which he said is "typically the height of the storm season in Texas."

-- Jim Fuquay

 

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c2cc953ef017d3f9775b2970c

Listed below are links to weblogs that reference DFW storms in April, June were state's biggest insured losses in 2012:

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.

-->

Category Cloud

Blog powered by TypePad
Member since 01/2007