Allison toll hits US$2.5 billion

Insured property losses from Tropical Storm Allison, which struck several U.S. states this past summer, are expected to reach US$2.5 billion, says the Insurance Services Office Inc. (ISO). This is more than double the ISO’s original July estimate of US$1.2 billion. The difference is largely the result of Texas claims, which grew from US$1 billion to more than US$2 billion.

The storm, which brought heavy winds and rain, struck Pennsylvania, Louisiana, New Jersey, Florida and Mississippi, as well as Texas. The Houston area in particular was hit by severe flooding. Pennsylvania losses were also adjusted upwards, to US$215 million from the earlier estimate of US$120 million.

New estimates are also available for the “thunderstorm catastrophe” that struck 16 states between Texas and Pennsylvania in April. The new total of US$1.9 billion is just slightly higher than earlier estimates. This is largely due to increased hail damage claims in Missouri, which rose almost US$200,000 to US$1.39 billion. –