US Storms In May Will Cost Insurers Billions: Aon

Insurers are on the hook for a multibillion-dollar payout as a result of severe convective storms across much of the United States in May including more than 362 tornadoes — the highest tally for this month since 2015, according to a report Thursday from Aon PLC.

No fewer than seven outbreaks of severe convective storms swept across central and eastern parts of the U.S. in May, and the overall impact will be in the billions of dollars, according to Aon PLC’s global catastrophe recap.

“Severe convective storms have resulted in at least US$10 billion in U.S. insurance payouts annually since 2008, and we are likely headed towards a 12th consecutive year,” Steve Bowen, director and meteorologist within Aon’s Impact Forecasting team, said in the statement.