June 2012's Costly Catastrophes
Published July 10, 2012 4:52 PM
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Updated July 11, 2012 10:08 AM
1 Min Read
Aon's report reveals that the United States suffered a variety of weather-related disasters. Between wildfires, softball-sized hail and a tropical storm, U.S. insured losses are nearing $2 billion dollars. Images courtesy of Thinkstock
Hail Damages in Texas, New Mexico
The most expensive of the bunch in June was a hailstorm that tormented the Southeast. In Texas alone, according to the Insurance Council of Texas, insured losses will exceed $1 billion with more than 100,000 claims being filed by the end of last month.
Colorado, Wyoming Also Hit by Hail
A second hailstorm hailstorm reportedly cost nearly $700 million in insured losses, according to local sources.
Central/Eastern U.S. Storms
At least 15 people died during, and in the aftermath of, a serious cluster of storms, called a derecho, which spanned several states and caused extensive blackouts. The storms resulted in more than 50,000 insurance claims, according to Aon.
Tropical Storm Debby Floods Florida
Damaging more than 7,500 business and homes, this tropical storm has inflicted more than $100 million in economic damages as of now. Debby has also claimed the lives of at least seven people.
Colorado Wildfire
The Waldo Canyon Wildfire proved to be the costliest in state history, claiming at least two lives and 347 homes (with a combined market value of $110.2 million) along the way.
Another Colorado Wildfire
The High Park Fire outside of Fort Collins, Colo., destroyed 259 homes and another life. Steve Jakubowski, President of Impact Forecasting, said: "The Colorado wildfires proved to be the two most damaging fires in state history, and also two of the costliest. Impact Forecasting is the only firm to have developed a brushfire catastrophe model for the western states in the U.S., which allows us to provide detailed feedback to our clients following events such as these, giving them confidence that their exposures are being fully identified and quantified."
International Losses
Globally, China experienced vast flooding reaching 20 provinces and earthquakes to boot, costing more than $3.5 billion in total. A super typhoon affected Japan, India, Bangladesh, Thailand, Taiwan, Afghanistan and the Philippines with extreme rainfallat least 600,000 dwelling were damaged or destroyed in India and Bangladesh alone. The U.K. and Australia also suffered flooding and an earthquake, respectively, though the damages were not as extensive.