Crazy thunderstorms drive 'unprecedented' $34 billion of insured losses this year
foxbusiness.comFOX Business’ Ashley Webster reports on the rising costs of home insurance for residents in southern states like Florida and Louisiana due to devastating storms.
Intense thunderstorms wreaked havoc on the U.S. in the first six months of the year, driving tens of billions of dollars worth of insured losses, according to a recently released Swiss Re report.
Swiss Re said Wednesday that the amount of insured losses brought on by the U.S. storms, and the lightning, rain, hail and winds that accompany them, totaled $34 billion in that time frame. That marked the «highest ever insured losses in a six-month period,» according to the reinsurance company.
Out of all 50 states, Texas faced the most impact of severe storms, Swiss Re found.
This screenshot taken from video shows a tornado on June 14, 2023, in Blakely, Georgia. (Rand McDonald via AP / AP Newsroom)
A separate July report from BMS Group said the Lone Star State has faced more than $7.2 billion in insurance loss so far in 2023 from severe weather, above Illinois, Kentucky, Colorado, Tennessee, Arkansas and Missouri, which also saw losses in the 10 figures.
The U.S. has averaged six sets of severe thunderstorms that racked up at least $1 billion in losses a year for the past decade, the reinsurance company said. In 2023’s first six months, it saw 10.
PROPERTY INSURANCE GOING UP OR AWAY FOR MANY IN BREWING CRISIS
The insurance markets in some states, like Florida and California, have experienced difficulties in recent years with some insurers choosing to curb their coverage there, FOX Business previously reported.
Globally, $35 billion worth of insured losses in the first half of 2023 resulted from severe thunderstorms, according to Swiss Re. That made up nearly 70%
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