Thunderstorm Damage Spikes To $11 Billion
Severe and expensive weather damage in the U.S. is supposed to be limited to hurricanes and wildfires. It turns out that is wrong. According to insurance company AON, the insured losses from thunderstorms and hail reached $11 from January 1 until the end of April.
Axios adds, “But then May’s devastating tornadoes hit. Aon says that loss figure “could double by the end of the month.”
Most of these storms occurred in the middle of the country, from Texas north to Minnesota, and into Kentucky and Tennessee. Most recently, homes and businesses were torn apart in Kentucky and Illinois. In two nations, the total number of tornadoes reached 160 in 22 states.
Higher Insurance
One problem these storms will trigger is higher home insurance costs. This has already happened due to fires and hurricanes in California, Florida, and other states along the Atlantic coast. Some insurance companies have suffered losses that wiped out their earnings. Others have left some states completely.
In more and more states, the government will have to set up insurance companies to cover losses that private companies won’t anymore. However, as has happened in Florida, even these can run out of capital.
This boils down to the fact that there is currently no financial solution to losses. More and more people are going to have to take the risk of being uninsured. That means they could lose everything
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