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Bad Weather Pummels Insurance Results

A recent hailstorm damaged thousands of cars in dealership lots across Texas, Nebraska, Oklahoma, and other states, and it was just one storm among others to impact U.S. property and casualty insurers in the first half of 2017...
July 25, 2017

A recent hailstorm damaged thousands of cars in dealership lots across Texas, Nebraska, Oklahoma, and other states, and it was just one storm among others to impact U.S. property and casualty insurers in the first half of 2017.

Weather-related losses this year are havingan adverse impact on insurers, damaging some insurer's second-quarter profits. Aon Benfield reports that U.S. insurers paid out $15.5 billion to cover claims related to severe storms that produced conditions such as hail and fierce winds during the first half of 2017, the second-costliest on record for such damage.

More bad weather looks to be on the horizon, with a warmer-than-usual Gulf of Mexico and a steady stream of storm systems traveling eastward from the Rocky Mountains, said Steve Bowen, an Aon Benfield meteorologist. . An active Atlantic hurricane season also is expected.



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