March Storms in the U.S. Could Cost Insurers $2B: Aon Benfield

April 6, 2016

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:

Source: Aon Benfield