May U.S. storms caused $4 billion in insured damages: Analysis
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Damage from May storms in the United States could cost property/casualty insurers more than $4 billion, according to a report from Impact Forecasting L.L.C., the catastrophe model development arm of reinsurance intermediary Aon Benfield.
The report, released Wednesday, cites several severe windstorm events that occurred in the U.S. in May, most notably the EF5 tornado that struck Moore, Okla., on May 20, killing 24 people, injuring 387 others and damaging or destroying as many as 13,000 homes and structures.
Total economic losses from the event were estimated at $5.0 billion, with insured losses estimated at more than $2.5 billion, according to Impact Forecasting's May 2013 Global Catastrophe Recap.
A second prolonged weather event from May 26 to June 2 saw at least 76 tornadoes touching down, including an EF5 tornado with 295 mph winds and a U.S. record 2.6-mile-wide path that struck El Reno, Okla., the report said. That event also included a major hailstorm in Amarillo, Texas, flash flooding in the Plains and Midwest, and damaging winds in the Northeast. Insured losses from that event are expected to exceed $1.0 billion, Impact Forecasting said.
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Other May catastrophes around the world included May tornadoes that caused $13.1 million in economic losses in Italy; a tornado that hit the Russian town of Yefremov May 22 and caused $3.2 million in economic losses; and flooding in Central Europe that had killed 11 since May 30, damaged thousands of structures and was expected to cause billions of dollars in economic damage.
At least four separate periods of severe weather hit central and southern China in May, according to the report, causing 91 deaths, damaging or destroying 171,000 homes and damaging 1.48 million acres of crops. Economic losses from those events were estimated at $2.0 billion.
