hail

Recent P&C market commentary from Credit Suisse highlights outsized catastrophe losses for insurers from Texas hailstorms in March, suggesting that the overall industry loss, and any reinsurance or ILS impact, from these events could be higher than estimates suggest.

Another devastating hailstorm has struck Texas, the fourth major insurance and reinsurance loss in a month, with an April 12th hail storm striking the San Antonio area set to become the biggest hail insurance loss in the state’s history and push recent insured losses towards $3 billion or higher.

The Insurance Council of Texas reports that for the third time in a month severe hail storms and damaging winds have impacted cities in the state. The Insurance Council also revealed that insurance and possibly reinsurance industry losses from the previous two events could hit $1.3 billion.

Insurance and perhaps reinsurance industry losses from recent hail storm damage in Texas, suffered during outbreaks of severe convective weather in the last two weeks, has reached at least $1.1 billion, according to the Insurance Council.

Hail storms caused by severe thunderstorms in the Dallas and Fort Worth area of Texas on Thursday 17th March 2016 are now expected to result in over $600 million of insurance claims, according to the states Insurance Council.

Reinsurance broker Guy Carpenter, has completed the final development phase of its comprehensive, pioneering probabilistic hail model, the G-CAT Hail Model. The model now boasts enhanced capabilities and has expanded its global reach to include a further seven countries.

A dual-polarization, radar mapping system for hail has been made available to the insurance, reinsurance and insurance-linked securities (ILS) industry, delivered by Verisk Climate, through Verisk Insurance Solutions’ software suite, Benchmark.

The recent severe convective hail storm that struck Brisbane in Queensland, Australia, has seen reported insured losses rise again, now reaching the AUD$1 billion mark ensuring a growing hit to reinsurance firms, and possibly some ILS funds, with exposure.

Some 88,500 claims amounting to AUD$845 million have now been lodged following the large hailstorm that struck Brisbane, Australia in late November 2014, according to reports from insurers, increasing the chance that some ILS funds get hit.

Insurance industry losses from the severe hail and thunderstorm event that struck Brisbane, Queensland in Australia are expected to continue to rise, moving well past the point where local insurance companies will call on reinsurance support.