Another hailstorm has impacted insurance companies and caused a tremendous amount of damage. Professionals in the Dallas area offering claims management services have their hands full due to a hailstorm that struck the region this month.
According to Reuters, the hailstorm may have caused as much as $2 billion worth in insured losses. An insurance organization stated last Friday that this may be the most expensive hailstorm in U.S. history.
The Southwestern Insurance Information Service, which works with property insurers in Texas, has classified this storm as catastrophic. The storm affected the car insurance industry, as a large number of vehicles were damaged.
"We’ve got more people in our lobby than we can handle," Shawn Pedersen, an adviser for a Service King auto repair shop, told the news source on Friday. "There are no rental cars anywhere to be found in the Dallas area."
State Farm had as much as 8,000 auto insurance claims and more than 3,000 homeowners' property claims because of this storm. USAA, another insurer, had as much as 4,000 home and auto insurance claims throughout the last week.
The Insurance Information Institute states that over the 20 years ending in 2010, wind, hail and flood insurance losses totalled $14 billion, which shows what a drastic hailstorm hit Dallas this month.
The experts at the Southwestern Insurance Information Service estimated insured losses to be between $1.5 billion and $2 billion, but Sandra Helin, president of the organization, hopes that the actual monetary damages fall short of their expectations.
Auto and property insurers from Dallas, Texas may need to consider outsourcing claims processing services to independent adjuster firms capable of handling larger volumes of catastrophe property claims.