Insured losses from catastrophes fall to half of 10-year average

A totaled Porsche rests against the foundation of a home destroyed by the Memorial Day weekend floods in Wimberley, Texas on May 26, 2015. / REUTERS

Natural catastrophes resulted in insured losses of $15 billion in the first half of 2015, 47% below the 10-year average of $28 billion for first-half losses, the Impact Forecasting team at Aon Benfield Group Ltd. said Tuesday.

In its “Global Catastrophe Recap: First Half of 2015” report, Impact Forecasting also said economic losses from natural catastrophes in the first half of 2015 totaled $46 billion, 58% below the 10-year average.

The most costly insured events were winter weather in the United States in February, which caused insured losses of $1.80 billion, severe weather in the United States in May, which caused insured losses of $1.20 billion, and severe weather in the United States in April, which resulted in insured losses of $1.0 billion.

Windstorm Mike-Niklas, which hit western and central Europe in late March and early April, caused insured losses of about $1.0 billion, the report said, while drought in the United States from January to June resulted in insured losses of about $1.0 billion, the report said.

In the first six months of 2015, natural catastrophes resulted in insured losses of $11 billion altogether in the United States, the report said.