Last week’s outbreak of devastating tornadoes in the South and Midwest of the U.S. are likely to cost the insurance industry quite a lot of money. Thus far, no insurer has been keen to release estimates regarding the total cost of the disasters, but risk modeling agency Eqecat is willing to hazard a guess. The acclaimed modeling firm says that this year’s storm season is already looking to be 30% more disastrous and costly than the average of previous years. The firm also notes that tornadoes may be one of…
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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.…
Read MoreStates 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…
Read More2012 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…
Read MoreAllstate to launch new homeowner’s insurance products throughout the U.S.
In October of last year, Allstate launched a new line of homeowner’s insurance products in Oklahoma called House & Home. The company’s initiative was met with success and now the insurer is gearing up to launch these products in various states through 2014. The products became popular amongst consumers because it provided them with a sleuth of discounts and new deductible and coverage options. The insurer has also introduced a more simplified quoting process that uses external information to fill out applications more quickly. As Allstate introduces these new insurance…
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