Overall economic losses sustained to property, infrastructure and agriculture across the US from convective storm and flood damage are anticipated to approach $3.5 billion, according to Aon Benfield’s Impact Forecasting Global Catastrophe Recap report.
The report also revealed that insured losses incurred by public and private insurance entities are tentatively being estimated at $2 billion.
The losses were caused by seven US convective storm events, with more than 1,000 individual reports of tornadoes, damaging straight-line winds and hail recorded by the Storm Prediction Center.
In March, the United Arab Emirates (UAE) and Oman were hit with the most damaging severe thunderstorm and flood event in over 10 years. UAE local insurers anticipated claims to reach $140 million, with total economic losses forecast to be hitting hundreds of millions.
Adam Podlaha, head of Impact Forecasting, said: “The March heavy rain and flood event in the Middle East is a reminder of the risks that these types of perils can bring to areas with an arid climate.”
“Impact Forecasting has been successful in recent years in developing modelled solutions for non-traditional perils, including perils like flood in the Persian Gulf region.”
“With increasing exposures in emerging parts of the world, it becomes even more important to expand catastrophe model capabilities into these new territories. Impact Forecasting remains at the forefront of this forward thinking.”
