A reminder of the impact of severe thunderstorms is evident in March catastrophe estimates, with seven separate events across the country resulting in several billion dollars of insured losses.
Aon Benfield’s March Global Catastrophe Recap noted that overall economic losses sustained to property, infrastructure and agriculture across the U.S. from the convective storm and flood damage were anticipated to approach $3.5 billion.
Insured losses incurred by public and private insurance entities were tentatively estimated at $2.0 billion. (Presumably, that number includes estimated payouts by FEMA’s National Flood Insurance Program.)
More than 1,000 individual reports of tornadoes, damaging straight-line winds and hail were recorded by the Storm Prediction Centre, while torrential rains also led to significant riverine and flash flooding in the Lower Mississippi River Valley.
Among the hardest-hit states was Texas, Aon Benfield said, where events during consecutive weeks of greater than golf ball-sized hail in the greater Dallas-Fort Worth metro region led to more than 125,000 home and auto claim filings.
The Insurance Council of Texas has put preliminary estimated insured losses in the state at more than $1.1 billion alone.
Here’s the visual on March catastrophe losses in the U.S.:
Artemis blog mentions that Impact Forecasting estimates for insured or reinsured losses in the U.S. in the first-quarter of 2016 from severe and winter weather now total $4.48 billion.
In its must-read facts and statistics on hail, the Insurance Information Institute notes that events involving wind, hail or flood accounted for $21.4 billion in insured catastrophe losses in 2014 dollars from 1994 to 2014 (not including payouts from the National Flood Insurance Program), according to Verisk’s Property Claim Services.