Storm activity in May leads to millions in insured losses

Posted on: Tuesday, June 12, 2012

A high prevalence of disaster-related weather activity in May will likely spawn a considerable number of homeowners insurance leads, as a new report indicates property damage throughout the world was considerable last month.

According to Aon Benfield, two weather episodes in particular left many homeowners picking up the pieces. One, which involved heavy amounts of hail, left an estimated $275 million in economic damage and prompted 30,000 people to file property insurance claims valued at approximately $150 million. The other incident related to wind damage in the Sooner State, as insured losses in Oklahoma were estimated to be north of $400 million.

Steve Jakubowski, president of Impact Forecasting, Aon Benfield's publisher, indicated that the U.S. wasn't the only country to be impacted by nature's wrath in May, as Italy experienced significant earthquake damage.

"The Italian earthquakes resulted in the largest natural disaster loss for the country since the L'Aquila earthquake event in 2009," said Jakubowski. "Given the level of insurance coverage in the region, it is anticipated that insured losses would reach minimally into the hundreds of millions of dollars."

With forecasters projecting a fairly active hurricane season, it may be a good idea for insurance agents to encourage their customers to review their property insurance policies so they can ensure they have appropriate coverage.

Posted In: Insurance News, Property & Casualty Insurance

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