Powerful thunderstorms caused major flooding and damage in Texas and Oklahoma during May, killing 41 people in the wettest May on record.
Total aggregated severe thunderstorm and flood economic losses are expected to cost $3 billion, with overall insured losses set to exceed $1 billion, according to Impact Forecasting, Aon Benfield's catastrophe model development team in its monthly Global Castastrophe Recap report. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.
In addition, severe weather prompted 412 preliminary reports of tornadoes by the U.S. Storm prediction Center–this equals the highest monthly number of U.S. tornadoes since April 2011. The heaviest damage was reported in the Plains states, with Oklahoma, Kansas, Texas and Nebraska enduring softball-sized hail, record-breaking rainfall and straight-line winds. Twelve inches of rain brought flash floods to the Oklahoma City metro area. From these events, insurers reported losses in excess of $115 million from events occurring May 3 to 5, and $550 million from severe weather occurring May 6 to 13, the report says.
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