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Report: Insured losses from US severe convective storm weather to hit $2.5B

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Report: Insured losses from US severe convective storm weather to hit $2.5B

Insured losses from an outbreak of convective storm weather that affected several U.S. states in May could reach around $2.5 billion, Artemis reported, citing catastrophe modeler Karen Clark & Co.

The convective storm event that occurred between May 11 and May 16 featured tornadoes, severe thunderstorms, large hail and strong winds, the insurance-linked securities blog reported.

The Midwest, Northeast and Mid-Atlantic were the most affected regions, and up to 12 states are expected to record insured losses exceeding $100 million each. The convective storm event led to residential losses, commercial property losses and automobile losses, according to the report.