An exceptionally cold, snowy and long winter in parts of the Northeastern U.S. and Canada, and a delayed but severe tornado season in the Midwestern and Southern U.S., have contributed to overall losses of $12 billion in North America for this first half of 2015. Natural catastrophes have resulted in $8 billion in insured losses for the continent from January to June 2015.
According to Munich Re, a series of snow storms that struck the Northeast at the end of February was the costliest global natural catastrophe for the insurance industry so far this year.
"The insured loss from the February storms was $1.8 billion, with total losses of $2.4 billion," says Tony Kuczinski, President and CEO of Munich Re.
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