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US severe convective storms insured losses reach $11B

Severe convective storms, thunderstorms, tornadoes, large hail and damaging winds in the U.S. have resulted in estimated insurance and reinsurance losses of about $11 billion so far in 2017, Artemis reported, citing Impact Forecasting's estimates.

Through the first two weeks of May, the U.S. had seen $10.5 billion in claims payouts, and that figure is expected to reach $11 billion as a result of recent outbreaks in a number of states, the news outlet reported, citing Steve Bowen, director and meteorologist at Impact Forecasting.

Severe convective storms accounted for more than 70% of totaled global insured losses, which stand at $15.6 billion. The U.S. accounts for more than 90% of the global severe convective storm losses, and 77% of all global insured losses so far in 2017.