Spring Storms Rack Up More than $1.5B in Losses in Texas

Storms during April and May in Texas caused more than $1.5 billion in property losses, according to the Insurance Council of Texas.

ICT spokesman Mark Hanna says paid residential property losses in April and May were close to $900 million from 114,000 claims. The same months last year had about 72,000 claims and $650 million in paid losses.

ICT officials say, with 95 percent of the claims settled, Texas flood losses to homes and businesses topped $400 million. Texas insurers say losses from vehicles in floodwaters added $300 million.