Total economic and insured losses from severe convective thunderstorms that hit parts of central and southern U.S. between March 26 and March 30 are likely to exceed $1 billion, according to the latest weekly catastrophe report from Aon Benfield's Impact Forecasting, Artemis reported.

These storms impacted Texas, Oklahoma, Tennessee, Kentucky, Alabama and Mississippi, according to the report.

The storm outbreak could be the fourth billion-dollar loss event in 2017, according to Impact Forecasting, the other three being between Jan. 18 to Jan. 23; Feb. 27 to March 2; and March 6 to March 10.

The Insurance Council of Texas expects insured losses from the March 26 storms in the state to reach $300 million. For 2017, insurance industry losses from severe convective storms are approaching $5 billion, according to the report.