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May12
Property-Casualty Insurance News: Tornado Damage In 2006 Worst In History
I had no idea that so many tornados had hit the U.S. in 2006.  National Underwriter reported that in 2006 there was “more than $8 billion in insured losses – the worst year on record, according to A.M. Best.”  

The amount of damage caused by a tornado and hurricane is different on average but apparently hurricanes cause “higher losses per event.”

“Tornadoes and related weather events have caused approximately 56 percent of all insured catastrophe losses in the United States in any given year, while hurricanes and earthquakes, on average, tend to generate higher losses per event.”tornado_insurance_losses.jpg

If you’re thinking about moving to New Jersey then be aware that “New Jersey tops the list of states with the highest average expected insured losses per 1,000 square miles from tornado and related weather events.”  I didn’t know New Jersey was such a tornado prone state.  I assumed tornados mainly happened in the Midwest.

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