Texas Prepares

Preparations are being made in Texas as Tropical Storm Dolly gets closer. As of early today, a hurricane warning is in effect for the coast of Texas from Brownsville to Port O’Connor. Dolly is expected to become a Category 1 hurricane before making landfall tomorrow. Just yesterday, we heard that U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.025 billion for second-quarter property losses resulting from a total of 16 catastrophes in 27 states – nearly double the number of catastrophes in the first quarter. Interestingly Texas topped the list of the five most severely affected states for the second quarter, with $1.08 billion in insured losses, according to ISO’s Property Claim Services (PCS) unit. An AIR Worldwide study puts the insured value of coastal properties in Texas at $895.1billion, or 26 percent of the insured value of properties in the entire state.  

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