Hailstorms in the area caused damage that could lead to massive payouts from insurers.
The Southwestern Insurance Information Service (SIIS) has released its latest insurance news which has indicated that the covered losses following the tremendous hailstorms that hit the area of Dallas, Texas, could cost as much as $2 billion.
This estimate is based on the claims volume that has already been filed with insurers.
The SIIS is a trade group which represents the Oklahoma and Texas property insurers. It has stated that this most recent storm has been classified as being catastrophic by its members. Similarly, the National Weather Service released a statement that called these storms the worst that the area had seen in almost a decade.
Hailstones the size of baseballs smashed their way through everything from commercial signs to windshields.
Fortunately, though there was a tremendous amount of property damage seen caused by these severe storms, there were no serious injuries or deaths reported.
If the predictions within the most recent SIIS insurance news are correct, then it means that this may be one of the worst losses as a result of severe weather – other than in the case of hurricanes – that have been experienced throughout the history of the United States.
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The Insurance Information Institute also released their own statement about this type of catastrophic event, and said that over the last two decades which ended in 2010, the total amount of hail and flood losses across the entire country have been approximately $14 billion. This clearly illustrates the magnitude of the destruction in this one specific storm, when compared to a more typical event of this nature.
According to the president of the SIIS, Sandra Helin, who released a statement regarding this shocking insurance news, “Based upon the claims filed within the past 36 hours, this storm could reach $1.5 to 2 billion in insured losses. This is preliminary and we are hopeful that the damage estimates fall short of what we are predicting.” There is a chance that the initial filings from the insured will have indicated much greater losses than will actually be experienced.