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Impact Forecasting: Insured losses from severe US weather in March to exceed $2B

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Impact Forecasting: Insured losses from severe US weather in March to exceed $2B

Four severe weather events in the U.S. in March are estimated to cost the insurance industry more than $2.0 billion, according to a report from Aon Benfield's Impact Forecasting covering natural disaster events in March.

Tornadoes, large hail and straight-line winds in the Plains, Midwest and Southeast from March 6 to March 10 caused the biggest damage among all four events, resulting in estimated total economic losses for this event alone at $1.7 billion. Insurance claims for the event came in at $1.2 billion.

Meanwhile, sub-freezing temperatures in South Carolina and Georgia in March led to an expected cost of $1.0 billion to the agriculture industry.

Total economic losses from catastrophic flooding in Peru and Colombia are expected to exceed $3.10 billion. In Africa, severe drought in Somalia, Ethiopia and Kenya prompted the United Nations to appeal for $1.90 billion in aid.

The Insurance Council of Australia declared an insurance catastrophe after Cyclone Debbie made landfall, prompting flooding in southeastern Queensland and northern New South Wales. Preliminary data indicates insurance claims totaling more than $310 million, a figure expected to rise.

In France, total economic and insured losses are expected to well exceed $100 million as Windstorm Zeus came ashore leading to widespread wind damage.

Aon Benfield is the global reinsurance intermediary and capital adviser of Aon Plc.