Original source: https://www.businessinsurance.com/article/20190606/NEWS06/912328911/US-storms-in-May-will-cost-insurers-billions-Aon
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Business Insurance (06/06/19) Wilkinson, Claire
Based on Aon’s latest international catastrophe recap, insurance companies will earn a multibillion-dollar payout as a consequence of intense convective storms throughout much of the USA in May, including more than 362 tornadoes. This marks the highest tally for this particular month because 2015. “Serious convective storms have resulted in US$10 billion in U.S. insurance premiums yearly as 2008, and we are likely headed towards a 12th consecutive year,” said Steve Bowen, manager and meteorologist in Aon’s Impact Forecasting. Record-breaking rainfall in Oklahoma and Kansas also led in historic flooding throughout the Arkansas river basin as well as flood in the Missouri and Mississippi river basins, including hundreds of millions in economic declines. Additionally in May,” Cyclone Fani made landfall in India, causing direct economic losses of around $2 billion, along with significant rainfall caused significant flooding across parts of Europe, China, and the Middle East. Related Stories: Artemis; BestWire (subscription)… Read More
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