Widespread flooding, hail and other severe weather-related events have put insurance companies on track for record-setting property losses in Texas in 2016, data from a state trade group reveals.
Damage from hailstorms produced $5.5 billion in insured losses for homes and automobiles in the first half of the year – the most for the state since 2008’s Hurricane Ike drove losses to $5.7 billion, the Insurance Council of Texas reported Thursday. By comparison, hail and wind damage was just $3.25 billion in 2015.
“The first half of 2016 has been pretty dramatic and catastrophic,” ICT spokesman Mark Hanna said. “The big thing this year is these storms have hit populated areas.”
Indeed, while the number of hail storms has remained steady in recent years, they have in the past hit rural areas. This year, three April hailstorms hit San Antonio, causing more than $2 billion in damages. It was the costliest hailstorm in state history.
Homeowner claims were $4 billion in the first quarters of this year, while auto losses made up $1.5 billion.
The figures don’t include residential flood losses or any insured losses to commercial property. April through June are traditionally the most active period for property loss, but flooding hit the state in October last year and Dallas-area tornadoes caused more than $1 billion in damages in December.