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US insured losses reach $7.4B due to severe weather in '16

The U.S. insurance and reinsurance industry has so far incurredabout $7.4 billion of losses resulting from natural catastrophe and severe weatherevents in 2016, Artemis reported April 26, citing Aon Benfield's Impact Forecasting.

Winter storms caused $810 million of insured losses, while floodingled to $420 million of losses. About $6.17 billion of losses resulted from severeconvective storm impacts from thunderstorm, tornadoes, hail and winds, the reportsaid, citing Steve Bowen, director and meteorologist at Impact Forecasting.

Economic losses from those severe weather events totaled $13.05billion in the U.S., according to Impact Forecasting's projections.

Aon Benfield is part of AonPlc.