Homeowner’s insurance in South Carolina is expected to rise as the state’s insurers prepare for a busy hurricane season. There is no way to tell whether the 18 hurricanes predicted to form this season will actually reach land, but insurers aren’t taking any chances. Natural disasters in the Southern U.S. have already wrought a terrible toll on the industry, and the year is only half over. Many of the state’s property insurers are now proposing rate increases to help mitigate the cost of potential damage from this year’s hurricanes. The…
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Joplin tornado outbreak one of the most violent ever seen
Joplin, Missouri, is still reeling from a massive tornado that touched down late Sunday evening. The tornado is the deadliest since 1947, claiming 123 lives. That number is expected to rise, however, as rescue workers continue to sift through the wreckage. The insurance industry has responded well to the disaster, coming off the heels of April’s calamitous storms. EQECAT, a catastrophe modeling firm, has released their initial estimates of how much the disaster will cost insurers: $3 billion. Joplin stood directly in the path of the tornado, which first formed…
Read MoreReports on millions paid for April tornado mayhem
Another insurance company has released their report of estimated losses from the April tornado outbreak. State Auto Financial Corp. is estimating between 75 and 85 million in catastrophe losses as a result of more than 15 thousand claims. This is around 30 million dollars higher than their average five year catastrophe losses of 50 million. Twenty of State Auto’s operating states were affected by five different disasters last month. Claims for property damage and vehicle damage from tornados and storms that produced large hail and high winds. State Auto Financial…
Read MoreHurricane season quickly moves in while many still pick up the pieces from the last storm
The National Oceanic and Atmospheric Administration is predicting a tumultuous hurricane season this year. The forecast, released Thursday, predicts that as many as six major hurricanes could form over the Atlantic Ocean this season. This is unsettling news for many states in the south currently struggling with national disasters of their own. Insurance companies are bracing for yet more damages. Last year’s hurricane season was relatively tame. Winds kept most tropical storms at sea and prohibited them from forming into hurricanes. “However, we can’t count on luck to get us…
Read MoreThe numbers come rolling in for recent tornado outbreak
As the drama in the storm ravaged regions of the Southeast U.S. continues to unfold, AIR Worldwide, a leading catastrophe modeling firm, sheds light on exactly how much the disaster will cost in a new report release today. The firm estimates that insured losses in both the Southern and Southeastern U.S. could total $5.5 billion. The estimate is for the period between April 22nd and 28th, when the storms were at their peak. Representatives from AIR say they will continue to monitor the region to keep their estimates as accurate…
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