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Severe May weather costs insurers $3 billion

Posted On: Jun. 8, 2017 11:47 AM CST

Severe weather across the central and eastern United States caused insured losses approaching $3 billion in May, according to a report published Thursday by Impact Forecasting, Aon Benfield’s catastrophe model development team.

The severe weather outbreaks caused extensive damage through large hail, straight-line winds, tornadoes and isolated flash flooding that is projected to exceed $4 billion in total aggregated economic losses, according to the report by the Chicago-based division of Aon P.L.C.

The most prolific event occurred in the greater Denver metropolitan area, where hail damage led to insurance payouts of more than $1.4 billion. Significant damage from severe storms was also cited in parts of the Plains, Midwest, Southeast and the Mid-Atlantic, according to the report.

Meanwhile, a monsoon and a developing tropical cyclone led to significant rainfall across Sri Lanka, killing at least 213 people, with another 77 people listed as missing and presumed dead, and almost 150 people injured. The preliminary estimate of total economic losses was $197 million.

Cyclone Mora made landfall in Bangladesh last month, prompting widespread flood and wind damage, and killing at least nine people. Overall aggregated losses were expected to exceed $100 million.