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Member, Beacon International Group, Ltd.
A hailstorm that damaged more than 110,000 vehicles and thousands of homes in the San Antonio area earlier this month is likely to become the costliest hailstorm in Texas history, according to the Austin-based Insurance Council of Texas.
The council said Wednesday that estimated insured losses to automobiles are expected to reach $560 million while insured damage to homes and businesses is expected to reach $800 million.
The council noted that the National Weather Service has verified reports of some hail reaching 4.5 inches in diameter during the April 12 storm.
The estimated $1.36 billion in insured losses surpasses the May 5, 1995, hailstorm that struck Fort Worth and caused an estimated $1.1 billion in insured losses, according to the council.
Researchers have found that natural disasters have caused economic damage worth over $7 trillion globally since 1900, reported France24.