Aon Benfield’s latest monthly Global Catastrophe Recap report shows a continuation of an active start to the year for insurers and reinsurers as severe weather events in February drives billion dollar losses across the globe.
The U.S. was hit by five severe weather outbreaks in February, one in which a tornado touched down 60 times, wreaking havoc across the Midwest, Southeast, and Mid-Atlantic.
Total economic and insured losses from this one event are estimated to be in the hundreds of millions of dollars (USD).
Meanwhile, in Europe, disaster struck as Windstorm Thomas became the costliest European windstorm of the year, killing three people.
Preliminary insured loss estimates in the UK and Germany have been set above €100 million.
And in Australia heavy thunderstorms tracked through regions of New South Wales, causing widespread damage and claims filed for payouts of at least AU$330 million (US$250 million), according to the Insurance Council of Australia (ICA) and local insurers.
Claire Darbinyan, Associate Director and Meteorologist, said; “While the United States endured another active and costly month from severe thunderstorms, it was not the only region coping with major losses from the peril. Australian insurers continue to take stock following a major hail event in New South Wales, including the greater Sydney metro region. Given further growth of exposures, hail events will remain a major focus of the insurance industry.”
Other natural disasters that occurred across the globe in February include California storms, and major floods in Peru, Chile, Zimbabwe, Indonesia, and Australia.
Afghanistan and Pakistan were hit by winter storms and avalanches that killed 200 people.
And in the Philippines an earthquake destroyed thousands of homes, causing economic losses of $14 million.
As previously reported by Artemis, in the U.S. alone losses for the year appear to be heading towards the $2 billion mark, and while these events don’t yet represent huge losses for insurers and reinsurers, they mark a hard-hitting start that, if continued, could culminate into a year of heavy global catastrophe loss.
