Aon Benfield’s June severe weather stats show losses of $2 billion

Weather Insurance Market

Weather Insurance Market

Last month experienced significant insured natural catastrophes in the United States.

Aon Benfield has released its Global Catastrophe Report, which showed that in June, the losses from severe weather were nearly $2 billion in the United States alone.

The report was published by Impact Forecasting at Aon, analyzing natural disasters worldwide.

Among all of the severe weather events, the greatest losses were caused by the hailstorms in New Mexico and Texas, where hail the size of tennis balls hurtled to the ground, smashing their way through cars, roofs, and everything else that was in the way. The Insurance Council of Texas stated that the costs associated with that event within its state will likely be greater than $1 billion, as over 100,000 claims had already been filed by June 30.

Another hailstorm contributed to the severe weather totals by $700 million in Colorado and Wyoming.

Many other storm related events throughout the eastern and central United States led to the death of 28 people. Their deadly nature is being blamed on a particularly fierce derecho – a term that refers to a chain of thunderstorms that bring long lived windstorms along with them. Those alone were responsible for the deaths of at least 15 people, and led to widespread blackouts which – according to Aon Benfield – generated over 50,000 claims to insurance companies.

Two significant wildfires contributed to the damage claims in Colorado. The Colorado Springs area Waldo Canyon Fire has now received the title of the most damaging wildfire that has ever been experienced by the state. It destroyed 347 homes, damaged 50 others, and killed at least two people. Similarly, one person was killed and 259 homes were destroyed by the Fort Collins area High Park fires.

Another of the severe weather occurrences in June included Tropical Storm Debby.

When it struck Florida, it brought several days of flooding and torrential rains, and killed at least seven people. Over 7,500 homes and businesses were flooded and massive damage was done to the infrastructure there. Early estimates places the losses from damage there at $100 million.

Beyond the United States, the report also looked into the severe weather from around the world in June, as there were many events that caused further global losses.

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