NU Online News Service, May 03, 3:04 p.m. EDT
Led by severe weather, especially tornadoes, in the United States, global insured losses for the month of April are close to $1 billion, says Aon Benfield.
The reinsurance intermediary of Aon wraps up the month's events in its Global Catastrophe Report, published by Impact Forecasting.
Leading the most significant events for the fourth month of 2012 was an outbreak of tornadoes in the Dallas-Fort Worth, Texas area during the month's first few days.
Aon Benfield says insurers have received more than 105,000 claims and paid more than $650 million.
Less than two weeks later, another severe weather outbreak spawned 94 tornadoes in the Central Plains, with Kansas, Iowa and Oklahoma getting the worst of it.
A twister outside Wichita, Kansas damaged or destroyed about 777 homes and 165 businesses, reports Aon Benfield. More than 25,000 insurance claims have already been filed and insured losses are expected to reach the hundreds of millions of dollars.
Also of note during April was a round of severe thunderstorms, which particularly hit the St. Louis, Mo. Insurers says as many as 50,000 vehicles were damaged by large hail, reports Aon Benfield. The lines of storms also affected Illinois, Indiana and Kentucky.
In California, agricultural losses were at $20.4 million from hail storms in the San Joaquin Valley.
April this year was not as bad as April 2011, when tornadoes—especially in Alabama—had Aon Benfield attaching a $4 billion tag on insurance claims. But Steve Jakubowski, president of Impact Forecasting, says residents should remain wary.
“Tornado frequency data dating to 1991 indicates that May is typically the most active tornado month of the year in the U.S., which is a warning to all residents and insurers to remain cognizant to potential storm threats,” he says.
Looking at the rest of the world, Argentina was victim to severe weather, and flooding was prevalent over much of South America during April. Tens of thousands of homes were destroyed.
Hail and high winds damaged affected half dozen provinces in China and four provinces in Vietnam during April. Total economic losses for these events are estimated at about $90 million, combined.
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