Q1 insured cat losses reach $15B: Aon

Aon PLC said in a report Thursday that first-quarter insured natural catastrophe losses have reached $15 billion and total economic losses hit $65 billion.

Most of the insured losses come from events in the United States (58%) and Europe, Middle East and Asia (25%), the report said. 

Insured losses in excess of $3 billion are expected from an outbreak of severe convective storm activity in the United States on March 1-3.

In New Zealand, there were “unprecedented” weather-related losses within four weeks, including the Auckland flooding and Cyclone Gabrielle, with estimates of insured losses from those two events close to $2 billion.

In April, the Insurance Association of Turkey estimated expected losses of the private insurance sector at $3.9 billion for the quake that struck in February.

Aon also cautioned in its report that “robust” loss development is expected to continue throughout the rest of the year.