Facts + Statistics: Hail
Facts + Statistics: Hail
Hail causes about $1 billion in damage to crops and property each year, according to the National Oceanic Atmospheric Administration (NOAA). Events involving wind, hail or flood accounted for $29.7 billion in insured catastrophe losses in 2016 dollars from 1996 to 2016 (not including payouts from the National Flood Insurance Program), according to Property Claim Services (PCS®), a Verisk Analytics® business.
There were 6,045 major hail storms in 2017, according to the NOAA’s Severe Storms database, resulting in $1.8 billion in property and crop damage.
The National Weather Service posts detailed information on severe storm events, including hail, tornadoes and wind. 2016 data on the number of hail events are posted online. Historical and current data, including damages, are posted here. NOAA has a “search by state” database.
Damage caused by wind and hail cost State Farm and its policyholders more than $2.4 billion in 2014, according to an April 2015 analysis by the insurer. Texas was the state with the most wind/hail losses, followed by Illinois, Colorado, Missouri, Nebraska, South Carolina, Pennsylvania, Iowa, South Dakota and Kansas.
Top Five States By Number Of Major Hail Events, 2017 (1)
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Hail Fatalities, Injuries And Damage, 2013-2017 (1)
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Property hail claims
An August 2014 report issued by Verisk Insurance Solutions showed that in the 14 years from 2000 to 2013 U.S. insurers paid almost 9 million claims for hail losses, totaling more than $54 billion. Most of those losses—70 percent—occurred during the last six years of that period. In addition to the higher number of claims, the average claim severity during those six years was 65 percent higher than the period 2000 through 2007. Verisk’s 2014 report ranks states from 2000 to 2013 by annual claim severity and by annual claims loss per year. When ranked by claim severity, not one of the states in “hail alley”—Nebraska, Colorado and Wyoming—is represented. The second ranking, by average claims loss per year, is a better representation of states that are more likely to have large hail losses and includes Oklahoma, Illinois and Kansas, which are typically known as hail states. Only two states, Minnesota and Ohio, are represented in both the chart for average claim severity and for average claims loss per year.
Verisk’s latest report, Hail: The Hidden Risk, says that more than 10.7 million properties in the United States were affected by one or more damaging hail events in 2017. Verisk describes hail as damaging when the hailstones are greater than an inch in diameter. The number of properties affected in 2017 was lower than the 12.6 million properties affected in 2016 and 12.4 million in 2014, and the same as in 2015, as shown in the chart below.
Verisk’s research found that about 30 percent of hail claims have an error in the date of loss, and about half of those hail claims were made a year or more after the event took place, because the damage most often strikes the roof which is not inspected by homeowners often.
Texas had the largest number of properties that experienced one or more damaging hail events in 2017, with 1.3 million properties, followed by Illinois with 872,000 and Missouri with 833,000.
Continue reading this Insurance Information Institute article.
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