Storm-related damage was estimated to cost $2.3 billion in the US in April, with public and private insurers expected to pay out at least $1.5 billion in claims, according to a report by Aon Benfield.
Aon Benfield’s Global Catastrophe Report for April also revealed that five separate storm systems had caused severe thunderstorms in the US in April, impacting central and eastern sections of the country.
The report also looked at natural disasters elsewhere in the world, including Kenya, where flooding caused total economic damage of $350 billion, with $200 billion in damage to infrastructure alone.
Somalia, Tanzania, Ethiopia, and Rwanda were impacted by flooding too, with damage caused to over 10,000 homes.
Periods of extended cold and snow in China led to total economic losses of $1.5 billion, primarily to the agricultural sector as nearly 1.54 million acres of cropland was affected.
Winter weather in Ontario and Quebec produced a combined economic losses of $360 million, with insurance losses expected to exceed $180 million.
The Fijian Islands were hit with more than $10 million in combined damage to physical property, agriculture and infrastructure by the tropical cyclones Josie and Keni.
Torrential rainfall caused widespread flooding on the Hawaiian Islands, damaging or destroying at least 532 homes.
The state government has allocated at least $125 million for flood repairs.
In Europe, large hail, straight-line winds, heavy rainfall and multiple small tornadoes caused damage expected to cost more than €10 million.
Michal Lorinc, an analyst at Aon Benfield’s Impact Forecasting catastrophe insight team, said the team were developing a new weather model to help clients prepare for potential events.
Lorinc explained: “As the peak of the severe weather season approaches in the US, it is worth highlighting the impact of the thunderstorm peril in Europe.”
“As in the U.S., hail has been particularly damaging to European residential and commercial property, as well as vehicles, with several historical events prompting insurance payouts in excess of a billion euros.”
“Given this risk, Impact Forecasting will soon release a hail model that includes coverage for several European countries, to help our clients better prepare for the potential events.”
