Severe weather leads to over $1.2 billion in insurance losses in March

Insurance industry gets hit with huge losses for 2012. Global reinsurance intermediary, Aon Benfield, which is also responsible for the Aon plc capital advising, has released its most recent Global Catastrophe report edition, which provided an overview of the global natural disaster events of March 2012. The report was published by the catastrophe model development center of excellence for the company, Impact Forecasting. It showed that a number of serious weather events struck the Tennessee Valley, the American Midwest, and the Southeast of the country during the first week of…

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Dallas-Fort Worth tornadoes spur concerns of insurance premiums

Report on Dallas tornado insurance claims Several powerful tornadoes cut a swath of destruction in the Dallas-Fort Worth area of Texas this week. The tornadoes caused a significant amount of damage to homes and businesses in the area but no death has been reported thus far. Claims adjusters have been streaming into the state from companies like Nationwide and Allied Insurance to help process the claims generated by the disaster. Insurers and state officials are encouraging all those that have storm-related claims to get in touch with an agent and…

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Homeowners’ insurance rates increase as a result of last year’s tornadoes

The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…

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Tips for getting your home ready for the upcoming spring storms

The spring storms are on their way, and if there’s anything that could be learned from the record breaking natural events that occurred last year, it was that it’s very important to be prepared for their arrival. Though there’s nothing that you can do to stop the storms, there are a few precautions that you can take to give you some peace of mind when the big storm strikes. As a reminder, Spring Severe Weather Awareness Week is running from March 25 to March 30, spreading the word about the…

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Catastrophic tornados trample the South and Midwest, claiming 33 lives

An outbreak of deadly and devastating tornadoes wrought havoc in many Southern and Midwest states over the weekend. The disasters began on Friday last week. The tornadoes struck a major blow to four states: Kentucky, Indiana, Ohio and Alabama. The people in these states had little warning of the storms, which manifested at an alarmingly fast pace. The tornadoes quickly grew in intensity and caused a significant amount of damage to everything in their path. When the winds finally calmed after hours of fury, approximately 33 people were found dead.…

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States hardest hit by tornados in the U.S

The tornadoes that struck the South and Midwest American states this week, leaving 13 people dead and injuring many others, have drawn attention to the risk of twisters once again, following closely on the heels of 2011’s record breaking year for those and other severe weather events. Last year was the deadliest storm season in over three quarters of a century, and thunderstorms and tornadoes brought about approximately $25 billion in uninsured losses. Though the data regarding which states were struck most by tornadoes last year has yet to be…

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2012 tornado season could be as active as the now notorious 2011

Last year, the U.S. was subject to an unnaturally active tornado season. The season spawned outbreaks of violent windstorms and powerful tornados that cut a path of destruction through much of the mid and mid-eastern states. Last year saw a total of 1,709 tornadoes touched down in the U.S. While this is well short of the 1,817 that formed in 2004, these tornados were far more destructive and widespread. Indeed, 2011 was one of the most disastrous years in recent history, so much such that the insurance industry was hoping…

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