Topping $5.7 billion. That’s the record cost of insured losses from severe thunderstorms and convective weather in the United States in the first quarter of 2017.
The latest figures come via Steve Bowen, director and meteorologist at Impact Forecasting, the catastrophe risk modeling center at Aon Benfield.
Here’s the chart (via @SteveBowenWx):
Artemis blog offers this perspective:
“It’s the second year in succession that insurance and reinsurance markets have faced a heavy toll from severe thunderstorm related losses, which in turn means impacts to ILS [insurance-linked securities] funds and investors, as severe convective storm risk is a typical peril of many catastrophe reinsurance arrangements that ILS investments are linked to.
Beyond the first-quarter the expensive run-rate of losses from severe thunderstorms has continued, with some further outbreaks in the last fortnight.”
A recent Willis Re study found thunderstorms were just as costly to insurers as hurricanes.
Register here for an April 27 Swiss Re and I.I.I. webinar on natural catastrophes.
I.I.I. facts and statistics on tornadoes and thunderstorms here.