US insurers’ losses from severe storms in May reach billions – Aon | Insurance business America
Broking Giant sheds light on the huge impact
Disaster and flood
By Kenneth Araullo
Severe convective storms from May 16 to 22, including a derecho system that moved across the Gulf states from Texas to Florida, potentially caused billions of dollars in estimated insurance losses in the United States, according to Aon.
With winds of 100 miles per hour and hail, the storms caused significant damage to residential and commercial structures in the Houston area. The derecho damaged about 2,500 windows in skyscrapers, ripped roofs off homes and caused severe power outages, Aon reported.
“Given the extent of the damage and the exposure centers affected by the event, it is highly likely that the event will result in billions of dollars in losses. Additional notable impacts were caused by thunderstorm activity for a full week beginning May 16,” Aon said in an AM Best report.
AccuWeather estimates that the May 16 storm caused $5 billion to $7 billion in damage and economic losses across southeast Texas. The chief meteorologist described the storm as one of the most damaging non-hurricane events in Houston’s modern history.
At least three EF-1 tornadoes were generated by the derecho system on May 17. Severe weather also impacted the Upper Midwest, with Aon noting hail damage in Wisconsin on May 18.
On May 19, strong thunderstorms struck a 430-mile stretch of Kansas, Oklahoma, and Missouri, including two EF-2 tornadoes in Oklahoma. On May 20, the storm belt moved to a strip from Michigan to Colorado, where large hail struck the city of Yuma, Colorado.
A “severe outbreak in Iowa, Wisconsin, Illinois, Nebraska and Missouri” followed on May 21. An EF-4 tornado with estimated peak wind speeds of 185 mph devastated the town of Greenfield, Iowa.
Temple, Texas, was hit by another severe tornado on May 22, according to Aon.
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2024-05-28 14:51:12
www.insurancebusinessmag.com
