This story is reprinted with permission from FC&S Legal, the industry's only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe.
Impact Forecasting, Aon Benfield's catastrophe model development team, has reported that five separate storm systems caused severe thunderstorms across the United States during April.
The strongest of April storm affected the Plains, Midwest, Southeast, Mid-Atlantic, and the Northeast, with nearly 70 tornado touchdowns and up to baseball-sized hail that damaged residential and commercial property and vehicles.
|Snowfall, dry conditions, wildfires
The same system also led to anomalous snowfall in the Upper Midwest and New England, while dry conditions behind the storm caused major wildfires in the Plains, notably in Oklahoma.
According to Impact Forecasting, total combined economic losses from convective storm-related damage in the U. S. during April were estimated at $2.3 billion, with public and private insurers expected to pay at least $1.5 billion in claims.
|Peril in Europe
Michal Lorinc, an analyst within Impact Forecasting's catastrophe insight team, said, “As the peak of the severe weather season approaches in the United States, it is worth highlighting the impact of the thunderstorm peril in Europe. As in the U.S., hail has been particularly damaging to European residential and commercial property, as well as vehicles, with several historical events prompting insurance payouts in excess of a billion euros. Given this risk, Impact Forecasting will soon release a hail model that includes coverage for several European countries, to help our clients better prepare for the potential events.”
For more, see the Global Catastrophe Recap, April 2018.
Victoria Prussen Spears, Esq., ([email protected]) is associate director of FC&S Legal, editor of the Insurance Coverage Law Report, and senior vice president at Meyerowitz Communications Inc.
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Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].
