US Extreme Weather Losses Q1 May Reach $9.5B  (Reinsurance News)

US Extreme Weather Losses Q1 May Reach $9.5B

  Wednesday, April 12th, 2023 Source: Reinsurance News

According to BMS Re, a specialised reinsurance broker, and available industry data, it is estimated that the insured losses caused by severe weather events such as hail, tornadoes, and thunderstorm wind gusts in the US during the first-quarter amount to a range of $7 billion to $9.5 billion.

‘Losses are still developing, but the initial estimates provide a large aggregate loss that has occurred over 12 severe weather events since January 1st,’ the broker said.

The primary factor leading to losses is anticipated to be three events worth over $1 billion in March. These events consist of tornado weather systems in Rolling Fork, MS, and Little Rock, AR, which had a more extensive impact area than the actual tracks of these tornadoes.

‘With the understanding that the insurance industry is already in a heightened inflation era, even Consumer Price Index (CPI) loss adjustments must be taken with a grain of salt,’ the broker explained.

‘Still, on a CPI-adjusted basis, the January -- March first quarter U.S Severe weather losses appear to be at or close to a modern-day record,’ it added.

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