Worldwide economic and insured losses during June were largely driven by several major severe weather outbreaks in the US, according to Aon Benfield’s Impact Forecasting.
Severe weather contributed to aggregate economic losses that are expected to exceed $3 billion.
Of that total, public and private insurance entities are expected to minimally cover at least $2 billion.
Fast-moving thunderstorms across parts of Minnesota, Wisconsin and Michigan are thought to have caused the most costly damage in June.
Adam Podlaha, global head of Impact Forecasting, said: “Costly impacts resulting from severe convective storms were not solely confined to the US in the month of June. Parts of Europe—notably Germany—incurred a significant cost resulting from large hail as the industry continues to get a better handle on using catastrophe models to further understand impacts from the peril.”
“Lightning was also the primary cause of several major wildfires in South Africa; expected to result in one of the costliest payouts for a natural disaster in the local industry’s history.”
Other events included major flooding, which affected at least nine provinces in southern China during June.
China’s official Ministry of Civil Affairs listed aggregated economic losses at more than $2.4 billion, which resulted in the flooding becoming the costliest individual global natural catastrophe in the month of June.