2019 Logs More Than 10 Weather Disasters Exceeding $1B for Seventh Time in 10 Years

Last year was the seventh year in the last decade in which 10 or more weather or climate events exceeding $1 billion in damage have occurred, according to a report by data analytics firm CoreLogic. The 2019 Natural Hazard Report evaluates the disasters that occurred in the last year and looks at the economic, financial, and overall impact of these events in the US and worldwide.

Over the past year, hurricanes, tornadoes, hailstorms, floods, earthquakes, and wildfires have impacted the country. According to the National Oceanic and Atmospheric Administration (NOAA), there were at least 14 natural catastrophe events in the United States alone with losses exceeding $1 billion, which is more than the annual adjusted average of 6.5 events of this magnitude per year from 1980 to 2018.

Highlighted in the report are the May 9, 2019, hail and flash flooding that occurred in Houston. While the greater Houston area is typically not prone to the types of thunderstorms that produce hail, more than 20,000 homes were exposed to golf-ball sized hail or larger and more than 4 inches of rainfall fell per hour that day. Additionally, the report calls out the EF3 strength tornado that impacted Dallas on October 20, 2019. Overall, ten tornadoes touched down, with the largest spanning up to three-quarters of a mile and traveling about 15 miles from near the Dallas Love Field Airport to the Richardson area. The Insurance Council of Texas estimated the tornadoes caused at least $2 billion in insured losses, and nearly 10,000 structures were affected.

Weather events have increased in intensity over the last decade and these natural catastrophes will likely impact industries such as insurance, finance, and real estate in the 2020s. As noted in the report, these sectors are deeply connected and data and analytics related to natural disasters will be crucial to increasing resiliency moving forward.

The full report can be found online.