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June storms cause almost $2B in insured losses: Aon Benfield

June storms cause almost $2B in insured losses: Aon Benfield

Insured losses due to severe weather in the United States topped $2 billion in June, reinsurance intermediary Aon Benfield said Tuesday.

“The United States endured a highly active month, with multiple natural disaster perils occurring from coast to coast,” according to the report by Aon Benfield's catastrophe modeling unit, Impact Forecasting.

Wildfires, thunderstorms with hail and torrential rains, and flooding caused by Tropical Storm Debby contributed to the tally, the unit of London-based Aon P.L.C. noted.

According to the report, the most costly event for insurers occurred when thunderstorms pelted areas of Texas and New Mexico with hail as large as baseballs. Citing figures from the Insurance Council of Texas, the Aon Benfield report noted that insured losses in the state are expected to exceed $1 billion.

Separately, a hail event in Colorado and Wyoming caused more than $700 million in insured losses, the report indicates.

Dual blazes in Colorado—the Waldo Canyon Fire in the Colorado Springs region and the High Park Fire outside Fort Collins—also caused major economic damage. The Waldo Canyon Fire destroyed 347 homes valued at $110.2 million and killed two people, while the High Park Fire consumed 259 homes with a value of $39.2 million and killed one person.

“The Colorado wildfires proved to be the two most damaging fires in state history, and also two of the costliest,” Steve Jakubowski, president of Impact Forecasting, said in a statement accompanying the report.

In Florida, Tropical Storm Debby contributed to the deaths of at least seven people and flooded more than 7,500 homes and businesses. The report said preliminary economic damage assessments of $100 million are likely to increase as additional claim assessments are made.