- Oklahoma $2 billion
- Texas $1.51 billion
- Colorado $907 million
Natural disasters cost insurers about $12.8 billion in 2013, the least since 2009. Losses were $35 billion the previous year, when Superstorm Sandy struck the East Coast. New York had the highest costs in 2012, with $9.76 billion, followed by New Jersey at $6.37 billion.
All 10 of the costliest tornadoes in the U.S. occurred since 2001, led by twisters in 2011 that struck Tuscaloosa, Ala., and Joplin, Mo.
Texas is the only state to be among the five costliest for insurers in the each of the past three years. The state ranked No. 3 in 2012 and first in 2011. Texas, which borders the Gulf of Mexico, is also more vulnerable to hurricanes than most states in the “Tornado Alley” region. Hurricane Ike struck Galveston in 2008.
From 1983 to 2012 Texas had $49 billion in costs, or about 10 percent of the total in the country. That ranks behind only Florida, which had $66.7 billion in losses. Florida is the fourth-most populous state, trailing New York, Texas and California.
One thing I found surprising was that Florida wasn’t among the top five in 2013 costs. The lower-than-average damage from East Cost storms benefited companies including Allstate, the largest publicly traded U.S. home and auto insurer. Allstate gained 36 percent last year in New York trading.