The month of March was a particularly active one for US weather losses, with separate billion-dollar tornado events marking significant losses for the re/insurance industry, according to the latest Global Recap report from Aon.
(AP Photo/Mark Humphrey)
Most notably, deadly tornados tracked across central Tennessee on March 3, including an EF4 and EF3 in metro Nashville that damaged or destroyed more than 4,000 homes and businesses.
The impacts were part of a broad storm system that spawned additional reports of tornadoes and large hail elsewhere in Tennessee, Missouri, Kentucky, Mississippi, Georgia, and Texas up until March 5th.
Aon believes that, together, total economic losses will be upwards of $1.1 billion, with roughly three quarters of that figure covered by insurance.
A major severe weather outbreak swept across parts of the central and eastern U.S. on March 27-30th, prompting two dozen tornado touchdowns, large hail, damaging winds, and flash flooding.
Widespread damage was reported to residential and commercial properties, vehicles, and agriculture, with total losses estimated at around $1 billion. Aon believes most of the wind and hail-related damage is insured.
Other significant US events included severe thunderstorms that affected portions of the Plains, Midwest, Southeast, and Northeast from March 17-20th, causing estimated economic losses of nearly $300 million and insured losses of $225 million.
A magnitude-5.7 earthquake and the subsequent aftershocks that struck the greater Salt Lake City, Utah metro region also caused widespread damage, with total economic and insured losses likely to reach into the millions.
In other parts of the world, a strong, magnitude-5.4 earthquake struck north of Zagreb, Croatia on March 22, causing notable damage in the city and the surrounding region.
Initial assessments revealed that 26,197 objects reported damage and at least 1,900 buildings were marked as unusable.
Unofficial, rough estimates from the local government placed the economic loss at around HRK 2.0 billion (USD 289 million), although precise numbers have not been released.
Elsewhere, floods in Iran and Egypt are likely to drive economic losses of more than $120 million and $76 million, respectively, while flooding in Rwanda could also cause millions in losses after killing more than 60 people.
“With the globe continuing to focus on the risks associated with COVID-19, natural peril activity remained elevated during the month of March as thunderstorms, flooding, and earthquakes were all prevalent,” said Steve Bowen, Director and Meteorologist within Aon’s Impact Forecasting team.
“As severe weather season accelerates towards its historical peak during the spring season, the United States endured many episodes of large hail, straight-line winds, and tornadoes that resulted in billions of dollars of economic damage and lives lost. Notable tornado touchdowns in populated metro areas such as Nashville and Jonesboro, only further debunked the myth that cities are less vulnerable to tornadic activity.”
