Seven severe convective storms hit the U.S. during March, impacting nearly every part of the country and costing the insurance industry an estimated $2.0 billion, according to the latest Global Catastrophe Recap from Aon Benfield’s Impact Forecasting.

The Storm Prediction Center received more than 1,000 individual reports of tornadoes, damaging straight-line winds and hail, while torrential rains also led to significant flooding in the Lower Mississippi River Valley. Texas alone faced estimated insured losses of more than $1.1 billion. Overall economic losses from the U.S. storms were anticipated to approach $3.5 billion.

Among the other catastrophes in March:

  • The United Arab Emirates (UAE) and Oman were hit by the most damaging severe thunderstorm and flood event in at least a decade, with local insurers anticipating claims to reach $140 million and total economic losses expected to approach $500 million.
  • Windstorm Jeanne—known locally as Katie—brought hurricane-force winds and flooding to northern Europe, with the United Kingdom and Scandinavia taking the brunt of the damage. Total economic and insured losses were estimated to be in excess of $100 million.
  • A winter storm system in Canada brought accumulating snow, ice and freezing rain to portions of Ontario and Quebec, causing widespread damage. Total economic losses were estimated at $100 million, with insurers anticipating losses well into the tens of millions.

Source: Aon Benfield