Insurers Expected To Pay $1.5B For April’s Severe Weather

 Thursday, May 10, 2018

 Insurance Business

A catastrophe report has found that the US re/insurance sector is on the hook for more than half of the total economic loss in April resulting from severe convective weather such as thunderstorms and tornados. Aon Benfield’s monthly “Impact Forecasting” report noted that April’s thunderstorms have caused a total economic loss of $2.3 billion. Of that amount, insurers and reinsurers are expected to pay $1.5 billion, or 65% of the loss. The report explained that, in April, at least five separate convective storm systems led to severe thunderstorm and tornadic weather across the US.