Insured storm damage in US tops $13B: Aon
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Insured severe convective storm damage in the U.S. has already topped $13 billion through mid-May 2020, according to a report Thursday from Aon PLC.
Total combined economic and insured losses from severe weather stretching from May 16-21, May 20-24 and May 25-28 will surpass $1 billion and likely aggregate to a multi-billion-dollar economic impact, the report said.
The past week of convective storms, which include notably costly hail events in San Antonio and Lubbock, Texas, as well as Seminole County, Florida, will add “significant financial losses,” the Weekly Cat Report from Aon’s Impact Forecasting unit said.
A May 27 event saw reports of significant hail of 2 inches or greater in the Texas counties of Falls, Caldwell, Williamson and Bexar, including parts of the San Antonio metro area.
Extensive damage to homes, outbuildings and vehicles was reported in addition to downed trees and power lines, Impact Forecasting said.
From May 23-25, there were 482 reports of severe weather, including 42 for tornadoes, 281 for wind and 159 for hail, with hailstones up to 2 inches reported near the city of Lubbock, Texas, the report said.
Severe weather that occurred May 21 included a hail event near Sanford, Florida, north of the Orlando metro area, which saw 3-inch, baseball-sized hail, a “rare event” for Florida, Impact Forecasting said.
“Hail three inches or larger have only been reported in Florida 18 times since 1955,” it said.
In addition to the hail losses, expansive straight-line wind damage will be costly in many other states, too, Impact Forecasting said.
This marks the 13th consecutive year that impacts from severe convective storms in the U.S. have surpassed $10 billion in insured payouts, signifying a “new normal,” it said.
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