Catastrophic weather events caused more than $3 billion in insured losses in Texas in 2015, according to the Austin-based Insurance Council of Texas.
Referring to data prepared by Verisk Analytics Inc.’s Insurance Services Office’s Property Claim Services unit, Texas suffered 16 catastrophic weather events — which PCS defines as a storm that causes more than $25 million in insured losses — in 2015, over three times as many claims and almost three times the dollar amount in losses as the next highest ranked states, the council said Tuesday in a statement.
Tornadoes, hailstorms and fires led to $3.2 billion in estimated insured losses in Texas in 2015, compared with the next highest state, California, with $1.2 billion, said the council. In addition, Texas had 466,250 claims from catastrophic weather events as compared to the next highest state, Massachusetts, which had 139,750 claims.
“Unfortunately, we had one weather catastrophe after another last year, and these numbers prove it,” said a spokesman for the council in the statement. “What is scary is that these numbers don’t include our flood losses which were in the hundreds of millions of dollars.”
Written by Mark A. Hofmann
Courtesy of businessinsurance.com