CoreLogic estimates insured losses from June U.S. storms at $10bn

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Analysts at CoreLogic have estimated that the severe thunderstorm activity from June 11-15 caused between $7 and $10 billion in insured losses.

The thunderstorm activity brought strong straight-line winds, record-sized hail, and tornadoes, causing damage to property across the U.S.

“Wind speeds in excess of 100 mph and hail greater than four inches in diameter were recorded in Denton County, Texas,” CoreLogic said.

The firm’s estimate encompasses hail damage and straight-wind damage and was enabled by its weather monitoring technology.

The loss estimate includes residential, commercial, and industrial property and automobile damage, though excludes damage to infrastructure such as roads, utilities, and governmental facilities.

CoreLogic notes that straight-line winds in excess of 60 mph may have affected more than 2.9 million homes, particularly in Florida, Missouri, and Georgia, while hail greater than one inch may have affected more than 1 million homes, particularly in Texas, Arkansas, and Oklahoma.

According to the firm, hail alone is estimated to make up 95% of losses from this event, making it one of the biggest hail losses in history.

Based on its high-resolution SCS Reference Model, Karen Clark & Company recently pegged the insured loss from the same severe convective storm outbreak at close to $5.5 billion.

Meanwhile, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, has suggested the total cost to the insurance industry from outbreaks of severe convective storms has likely surpassed $25 billion year-to-date.

According to Bowen, severe convective storm insured losses for the first half of 2023 are already likely to be in the top-three H1s ever recorded.

For the full year 2022, Gallagher Re reported that convective storm-related losses globally had reached $39 billion, the eighth year since 2010 where they have topped $20 billion.

With this in mind, 2023 is already the ninth year to top $20 billion in severe convective storm insured losses.

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