Estimates suggest that total economic losses from weather events during December will exceed $4 billion, with insurance losses likely to reach or exceed $2 billion, according to Aon Benfield’s Impact Forecasting monthly report.
The report revealed that the Insurance Council of Texas reported losses of $1.2 billion in the Dallas metropolitan area alone.
The severe weather pattern resulted in at least 58 tornado touch-downs, historic flooding in the Mississippi Valley and Midwest, and record snowfall and ice that led to travel disruptions, according to the report.
In addition, rainfall from various North Atlantic storm systems led to extensive flooding across the UK and Ireland throughout December.
Preliminary insured losses in the UK are expected to exceed £1.5 billion, while overall economic losses are forecast to hit £2.8 billion.
