11 July 2018Insurance

Insurers face in excess of $3bn claims from June storms

Severe thunderstorms leading to flash floods and hail across the eastern two-thirds of the US in June led to $4 billion economic losses and $3 billion of claims for insurers, according to Aon’s Global Catastrophe Recap report.

The vast majority of the damage resulted from large hail and damaging straight-line winds that impacted areas of the Rockies, Plains, Midwest, Southeast, and Northeast. Among the hardest-hit states was Colorado, where separate major hailstorms struck the metro areas of Denver, Boulder, and Colorado Springs.

Major severe weather events were also recorded in parts of Western and Central Europe – notably Germany and France – as well as in Brazil, Canada, India, and China in June.

A magnitude-5.5 earthquake struck Japan’s Osaka Prefecture on June 18, killing at least four people and injuring more than 434 others.

The General Insurance Association of Japan cited that 78,838 claims had already been filed with payouts listed at ¥13.7 billion ($125 million).

“June was one of the most active months thus far in 2018 for natural disasters,” said Michal Lorinc, an analyst within Impact Forecasting’s Catastrophe Insight team. “A plethora of major events occurred in many regions around the world during the month – notably in the United States, Japan, China, and Europe – which has led to a multi-billion-dollar economic toll.”

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