By Gary Sorenson, CEA, CLCS, PLCS, President, Insurance Brokers of Minnesota
Here are interesting facts from:
Insurance Federation of Minnesota
It May Not Be a Coastal State, but MN is No Stranger to Catastrophe
Severe Weather Reports in Minnesota, January 1—October 25, 2011
Total Severe Weathers Reports in Minnesota = 552
Tornadoes = 30
Hail Reports = 192
Wind Reports = 330
Minnesota averaged 51 tornadoes per year from 2000-2010 experiencing 30 in 2011 through Oct ,25
Top 10 States By Highest Insured Catastrophe losses 2007
Catastrophe Losses, 2007 ($ millions)
1. California $1,427
2. Minnesota $747
3. Texas $677
4. Georgia $320
5. Illinois $272
6. Oklahoma $270
7. Kansas $262
8. Missouri $223
9. New York $202
10. Colorado $200
( 1) Does not include flood damage covered by the federally administered National Flood Insurance Plan
Top Ten States By Highest Insured Catastrophe Losses, 2008 ($ millions)
Rank State Estimated insured loss
1. Texas $11,669.0
2. Louisiana $2,228.0
3. Minnesota $1,583.0
4. Ohio $1,459.0
5. Georgia $1,040.0
6. Arkansas $786.5
7. Indiana $785.0
8. Kentucky $743.0
9. Illinois $640.0
10. Kansas $638.0
Nationwide:
There have been 29,385 severe weather reports through Oct. 13, 2011 including 1,805 tornadoes; 9,287 “Large Hail” reports and 18,293 high wind events nation wide
Global Catastrophe Loss Summary:
First Half 2011
- 2011 Is Already (as of June 30) the Highest Loss Year on Record Globally
- Extraordinary accumulation of severe natural catastrophe: Earthquakes, tsunami, floodsand tornadoes are the primary causes of loss
- $260 Billion in Economic Losses Globally
- New record for the first six months, exceeding the previous record of $220B in 2005
- Economy is more resilient than most pundits presume
- $55 Billion in Insured Losses Globally
- More than double the first half 2010 amount
- Over 4 times the 10-year average
- $27 Billion in Economic Losses in the US
- Represents a 129% increase over the $11.8 billion amount through the first half of 2010
- $17.3 Billion in Insured Losses in the US Arising from 100 CAT Events
- Represents a 162% increase over the $6.6 billion amount through the first half of 2010
