$2 Billion Hail Storm?

[Mike Johnston]

Evidently, the hail storm in Dallas on Wednesday could result in insurance claims for property damage up to $2 billion! That is a historically huge number in terms of storm damage. Just goes to show potential impact of severe storms hitting highly populated areas. I know sometimes people actually welcome a hail storm as an opportunity to replace an aging roof for only the cost of their deductible. Still, so much concentrated damage is enough to move the needle high on insurance premiums going forward, especially in areas prone to severe thunderstorms.

Details here:

http://news.yahoo.com/dallas-storm-insured-losses-could-hit-2-billion-142728176--finance.html

 

[Andy Jackson]

Interesting comparison: according to wiki the Joplin tornado costs about $2.2 billion. It just seems kind of disproportional, but I'm sure the hail storm covered a larger area, maybe pricier properties?

 

[Jerry Prsha]

It might outpace ours then: http://www.crh.noaa.gov/lsx/?n=04_10_2001

 

[John Farley]

Jerry, have you seen any recent cost estimates for the more recent STL area hailstorm on April 28 of this year? That one has to be up there, too, given the wide impact over heavily populated areas. Last I heard they were expecting at least 100,000 insurance claims, but I haven't seen a recent dollar figure.

 

[Jerry Prsha]

John, I have not. But the stripe this year was much thinner than the 2001 storm path. I haven't seen the pavement destroyed from this one like the 2001 storms either.

How's the new digs? Congrats on the new car as well....

 

[beaudodson]

Jerry, have you seen any recent cost estimates for the more recent STL area hailstorm on April 28 of this year? That one has to be up there, too, given the wide impact over heavily populated areas. Last I heard they were expecting at least 100,000 insurance claims, but I haven't seen a recent dollar figure.

I have been looking/waiting for the same information. I did find this
http://thoughtleadership.aonbenfield.com/Pages/Home.aspx?ReportYear=2012

According to the June database - 1.5 billion in damages (in the Midwest) during the 48 period 28th/29th. I have not been able to find a breakdown for just St Louis (area).