Damaging hail storms and wide-spread flooding have caused record setting losses for both homes and automobiles this year in Texas, according to a state insurance trade group.
This year’s insured losses for the first two quarters already surpass every year’s total losses dating back to Hurricane Ike in 2008, the Insurance Council of Texas (ICT) reports.
“Hailstorms have already totaled $4 billion for residential property losses alone in Texas this year,” said Mark Hanna, a spokesman for the ICT. “Hail and flooding has caused more than $1 billion in auto losses. This year’s losses for both home and auto have doubled the annual losses we have seen in the past several years.”
In March, multi-million hailstorms pounded Fort Worth, Arlington and Plano. Softball size hail knocked holes through roofs in the city of Wylie on April 11. The state’s costliest hailstorm on record struck San Antonio on April 12. San Antonio was pounded by two more hailstorms later in the month raising the city’s total losses past $2 billion.
Additional storms in April and May resulted in massive flooding that claimed several lives in Wimberley and Houston. Some areas reported up to 20 inches in rainfall that flooded homes and submerged vehicles.
“Texas had a record number of tornadoes last year, but the insured losses from those storms, is pale in comparison to what this year’s hailstorms have caused,” said Hanna.
Texas Residential Wind/Hail Losses
|Year||Paid Losses in Billions|
|2016 – 1st two quarters||4.0|
Texas Auto Wind/Hail Losses
|Year||Paid Losses in Millions|
|2016 – 1st two quarters||1.5 billion|
The losses don’t factor in residential flood losses or any insured losses to commercial property. Second quarter results generally reflect the state’s highest property losses, but in fall 2015, Texas experienced massive flood losses in late October, as well as more than $1 billion in damage from tornadoes that struck the Dallas area the day after Christmas.
Source: The Insurance Council of Texas