We all know that Hurricane Ike has been a catastrophic event for Texas and will result in many billions of dollars of losses. It’s only when the actual loss numbers get published that you fully appreciate the impact of a storm of this size.
State Farm, the largest writer of homeowners peril insurance in Texas, have announced that they have so far received claims from over 121,000 homeowners as a result of Ike. That really drives home the extent of the damage and it’s expected that that number will continue to rise as claims come in.
When you look at the size of Ike from this satellite image it’s easy to see why so many claims occur.
Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. Held in Singapore, July 13th, 2023.
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