A Hail of a Problem in TexasBy John Deegan | November 27, 2012
Storms starting with the letter "I" may have ravaged Texas in the recent past, but that only obscures the state’s greatest natural catastrophe threat: hail. The Texas Department of Insurance (TDI) has explained the impact of severe hail events over the past few years, and the implications are profound. Carriers covering insureds in Texas can verify claims related to hail activity using the Weather Forensic Reports available in Decision Net®.
Here are five reasons to watch Texas hail claims more closely:
1. From 1999 through 2011, hail was the costliest peril in Texas, with $10.4 billion in insured losses paid.
2. Insured losses from hail surpassed the combined insured losses for hurricane and tornado for this period by 7.2 percent.
3. Of those years, 2011 was particularly active. Severe hail events caused $1.7 billion in insured losses in Texas, accounting for 16 percent of losses for this peril from 1999 through 2011.
4. Of the $37.9 billion paid out for Texas property/casualty insured losses during this same period, hail accounted for 27.4 percent. Furthermore, 53 percent went to weather-related claims; and of those weather-related losses, hail represented 51 percent, according to TDI data.
5. Texas experienced more severe hail events last year than any other state in the country, according to the TDI.
Are you ready to handle Texas hail claims? Using Decision Net Weather Forensic Reports, you can easily verify hail activity relative to a particular claim, identifying which cases can be processed quickly and which should be referred for investigation.
Learn more about hail, lightning strike, and other Decision Net Weather Forensic Reports. Get started now. >>
Tagged with: , , , , , ,