A quiet year for major catastrophes did not translate into fewer losses for insurers, according to the Xactware 2014 Property Report.
Severe weather damage from wind, hail, lightning and tornadoes was at the fourth-highest level in history, Greg Pyne, Xactware's assistant vice president of Pricing Data Services, said in a statement. The trend of high damage from severe weather continued to trouble the industry in 2014. Total insured losses due to thunderstorms saw the fourth highest number on record, with $12.3 billion.
Xactware's XactAnalysis network processed 4,218,586 claims estimates valued at $38,569,780,316. Year-over-year, the January 2014 total of $3.02 billion for property estimates was more than $260 million higher than the January 2013 figure of $2.76 billion. June saw the most claims activity with a reported $4.44 billion in estimates. July came in second with $3.96 billion in property estimates, followed by October with $3.39 billion. The two months with the lowest estimate totals were November with $2.28 billion and December with $2.46 billion.
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