Severe convective storms May 16-22, including a derecho system that charged across Gulf states from Texas to Florida, caused billions of dollars in estimated insured losses in the United States, according to Aon.
With wind speeds of 100 mph and hail, the storms left extensive residential and commercial damage in the Houston area. The derecho blew out about 2,500 windows in skyscrapers, tore roofs from homes and caused major power outages, Aon said in a weekly catastrophe report.
“Given the extent of damage and the exposure centers hit by the event, it is very likely that the event will result in losses in the billions of U.S. dollars. Additional, noteworthy impacts were caused by the thunderstorm activity” for a full week beginning May 16.
AccuWeather said the May 16 storm may have caused $5 billion to $7 billion in damage and economic losses in southeast Texas. Its chief meteorologist called the storm one of the most damaging non-hurricane events in modern Houston history.
Within days of the storm, State Farm took in 4,700 claims in Texas.
At least three EF-1 tornadoes were spun off by the derecho system on May 17. Elsewhere in the United States, severe weather hit the Upper Midwest. Aon noted hail damage in Wisconsin on May 18.
The next day strong thunderstorms blanketed a 430-mile stretch in Kansas, Oklahoma and Missouri, including two EF-2 tornadoes in Oklahoma. The storm belt shifted to a swath from Michigan to Colorado on May 20, where large pelted the city of Yuma, Colorado.
A “prolific outbreak across Iowa, Wisconsin, Illinois, Nebraska and Missouri” followed on May 21. An EF-4 tornado with estimated peak winds of 185 mph reduced the town of Greenfield, Iowa to rubble.
Another “significant tornado” struck Temple, Texas on May 22, said Aon.
The five largest writers of homeowners multiperil coverage in Texas in 2022, based on direct premiums written, were: State Farm Group, with an 18.59% market share; Allstate Insurance Group, 14.52%; USAA Group, 9.92%; Liberty Mutual Insurance Cos., 9.47%; and Farmers Insurance Group, 8.64%, according to BestLink.
The five largest writers of commercial multiple peril coverage in Texas in 2022, based on direct premiums written, were: Travelers Group, with an 8.85% market share; Hartford Insurance Group, 7.76%; Nationwide Property & Casualty Group, 6.6%; Liberty Mutual Insurance Cos., 6.33% and Chubb INA Group, 6.18%, according to BestLink