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Texas Had $2.3 Billion in 2012 Residential & Insured Property Losses

Posted on Jan 28, 2013

Texas is no stranger to inclement weather events, as the Lone Star State sustains our fair share of hailstorms, tornadoes, strong winds, heavy rains, and hurricanes. In fact, the Insurance Council of Texas recently reported that catastrophic weather events in 2012 caused $2.3 billion in insured losses to the state. And, officials have indicated that Texas had a quarter of the nation’s catastrophic weather events

ISO Services reported 26 weather catastrophes nationwide in 2012, with some of the costliest catastrophic events occurring in Texas. According to ISO, a catastrophic weather event affects a great number of people and causes $25 million or more in insured property losses, which includes residential property damage, commercial damage, and automobile damage.

The billions in losses Texans suffered last year were from seven recorded weather catastrophes, with the brunt of the property damage occurring in April and June from tornadoes and hail storms in the Dallas/Fort Worth area. On April 3, 2012, there were multiple tornadoes and hail storms that struck Dallas causing an estimated $775 million in damages. A couple months later, an estimated $890 million in insured losses occurred in the storms that pounded the same area on June 13, 2012.

McAllen, Texas, sustained $260 million in insured losses from property damages due to wind and hail—making it the third costliest Texas storm last year. With the exception of Hurricane Sandy, which is estimated to be $11 billion of the nation’s $27 billion in catastrophic losses, Texas had the most insured weather losses. All seven of the reported Texas catastrophes occurred between March 18 and June 13, 2012.

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