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Q1 a Disaster for Insurance Payouts

Aon Benfield reports that insured damage from all natural disasters in the United States in the first quarter is currently estimated to total nearly $7 billion, and of that, about $6 billion is from severe storms...
May 2, 2017

Aon Benfield reports that insured damage from all natural disasters in the United States in the first quarter is currently estimated to total nearly $7 billion, and of that, about $6 billion is from severe storms. That makes this year’s opening three months the most expensive first quarter on record for the insurance industry in paying out severe thunderstorm-related claims. This year's first-quarter cost compares with an average of about $1.5 billion in such first-quarter insured losses from 2000-2016, said Aon Benfield.

 

According to preliminary government data, there were 425 tornadoes from January through March, compared with 205 in the same period in 2016, and an average of 93 in the same period for 2014-2016. Aon Benfield meteorologist Steve Bowen noted that April is "shaping up as another costly month" for U.S. insurers.

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