Colorado wind causing $ 7 million in insured losses

 

Thursday, Mar 05,2009, 3:00:56 PM   Click:

H Copyright 2009 Best Company, Inc.All rights reserved BestWire

5 January 2009 Monday 05:12 PM EST

302 words


Colorado wind causing $ 7 million in insured losses

Chad Hemenway

COLORADO SPRINGS, Colorado



Insured losses from a wind that swept Colorado last week to put into the top five storms cost the state's history.

The Rocky Mountain Insurance Information Association has reported losses in the storm of December 30, which would have recorded wind gusts around 90 mph in some areas, are estimated at around $ 7 million. Nearly 2,500 homeowners and automobile insurance claims have been filed so far and more are expected, reports from industry groups trade.

Carole Walker, executive director of the association, said winds are generally not a cause of loss, but assured the high cost of the storm "is due to the damage resulting from a large number of small claims .

Much of the damage is to roofs, fences and vehicles, "said Walker. Winds rolled semi-trailer, trees were toppled and power lines were felled. The winds of the high density of population affected "Front Range" of the State and the eastern plains and the foothills.

Insured losses of $ 7 million would be to classify the winds of the end of 2008 to fourth place in the history of Colorado and the most expensive to hit the state since April 1999 when the Front Range was hit by winds that caused $ 20 million in insured losses. In January 1982, a storm caused $ 20 million in insured losses in Boulder County. About $ 10 million loss was caused by the winds of the Front Range in January 1987.

In 2007, the top five writers of homeowners multiperil in Colorado, according to AM Best Co. state / line product information based on direct premiums written were State Farm Group, with 23.8% market share; Farmers Insurance Group, with 15.2%, American Family Insurance Group, with 12.4% Allstate Insurance Group, 10.3% and USAA Group, with 7%.


Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy