One Year Later: Update On Claim Payouts To Alabama Policyholders: Insurance And Economic Recovery In The Wake Of The April 2011 Tornadoes

This PowerPoint report by Robert Hartwig, president of the Insurance Information Institute, looks at claims payouts in Alabama, one year after a devastating tornado outbreak hit the state. Sections offer a summary of Alabama’s 2011 severe storm losses; an insured catastrophe analysis for Alabama insurance markets, with a focus on homeowners’ claims; and a review of federal disaster declarations, which notes that from 1953 to 2011 Alabama had the 7th highest number of these declarations. The presentation explains that insurers paid nearly $3 billion to 133,000 Alabama home, business and vehicle owners in claims from the tornadoes, hail and high winds during the week of the tornadoes; total claim payouts were nearly 50 higher higher than early estimates suggested; and that the storms accounted for 93 percent of all Alabama catastrophe losses in 2011 and 40 percent of the U.S. total losses of $7.3 billion.