Severe US weather to cost insurers more than $2bn in March: Aon

An extremely active period for severe weather hit the US in March resulting in aggregated cost to the insurance industry exceeding $2.0 billion, according to the latest edition of Aon Benfield’s monthly Global Catastrophe Recap report.

The most prolific outbreak from March 6-10 resulted in major damage from tornadoes, large hail and straight-line winds in the Plains, Midwest and Southeast. Total economic losses for this event alone were estimated at $1.7 billion, while public and private insurance claims were listed at $1.2 billion.

Through the first quarter of 2017, the US has seen an above-average number of storm reports, according to Aon Benfield.

Meanwhile, Cyclone Debbie made landfall in Australia, prompting flooding that killed 10 people in southeastern Queensland and northern New South Wales. Insurance payouts exceed $310 million, according to the Insurance Council of Australia.

“There was no shortage of significant natural disasters in March, and while re/insurers’ focus was largely on the events in the United States and Australia, there were other major occurrences in emerging areas for the industry,” said Steve Bowen, Aon Benfield Impact Forecasting director and meteorologist. “For instance, a phenomenon deemed a ‘coastal El Niño’ was blamed on catastrophic flooding in both Peru and Colombia, highlighting that there remain areas around the world where insurance can play a critical role in helping people in the aftermath of a disaster.”

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