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U.S. weather & catastrophes drive over $23bn economic costs in August: Aon

Severe storms, convective weather and large hail across the eastern two-thirds of the United States from August 8th to 12th, including the Derecho that struck the Iowa and Illinois region, is estimated to have cost around $6.5 billion, with more than half of the total likely covered by insurance. The Derecho read the full article →

Australia’s summer catastrophe industry loss hits A$5.4bn

Insurance and reinsurance industry losses from the spate of catastrophe events that impacted Australia through its summer months in 2019/20 are now estimated to have reached A$5.4 billion, according to the Insurance Council of Australia (ICA). That's a continued rise from the almost A$5.1 billion of industry losses reported back in read the full article →

U.S. severe storms, hail & Derecho to drive multi-billion dollar losses: Aon

The United States has again been hit by a prolonged period of severe weather this week, with severe storms, convective weather, large hail storm events and a Derecho that struck the Iowa and Illinois region, all adding up to multi-billion dollar economic losses, with most of the wind and hail read the full article →

Australian east coast low industry loss raised 21% to A$958m

The estimate of insurance and reinsurance market losses from a severe east coast low pressure storm that struck Australia at the beginning of February, has risen some 21% at the second reporting to A$958 million, according to PERILS AG. PERILS latest estimate, which is its first update since it estimated the read the full article →

IAG bolsters reinsurance with new aggregate cat cover & stop loss

Australian primary insurance group IAG has added new catastrophe reinsurance protection at the July 1st renewals, increasing its aggregate protection and also capping potential losses with a stop loss cover. IAG has been making relatively heavy use of its reinsurance protection in recent quarters, as catastrophe loss activity in Australia saw read the full article →

Industry loss from Australia’s January hailstorms escalates to A$1.811bn

The insurance and reinsurance market loss estimate for the severe hailstorms that struck the southeastern region of Australia in January 2020 is now seen as A$1.811 billion by PERILS, as the group adds motor claims to its tally and says the property loss has risen 44%. Previously, the Zurich based, industry read the full article →

Multi-billion severe weather losses across North America in June: Aon

The United States and Canada experienced multi-billion dollar insurance and reinsurance losses from severe weather during the month of June 2020, with hail storms in Calgary and convective weather in the U.S. driving the largest share, according to Impact Forecasting. Insurance and reinsurance broker Aon's catastrophe risk modelling and weather analytics read the full article →

Calgary hail storm among costliest in Canada, likely to exceed C$1bn: Aon

A recent severe hail storm event that impacted the Calgary area of Alberta, Canada is expected to become on the most costly hail loss events in the country's history, with economic costs likely to exceed C$1 billion (US $735m), the majority of which will be covered by insurance and possibly read the full article →

Severe weather, tornadoes, hail, floods drive multi-billion insured loss in May: Aon

The insurance and reinsurance market faced another month of severe weather in the United States in May 2020, with the market set for the third consecutive multi-billion dollar insured loss month this year, according to Impact Forecasting. Impact Forecasting, the weather, climate and risk modelling unit of insurance and reinsurance broker read the full article →

Industry loss from U.S. severe convective storms passes $13bn YTD: Aon

2020 looks set to be another significant year for severe convective storm losses in the United States, with the insurance and reinsurance market already on the hook for over $13 billion of costs year-to-date, with hail again a significant driver. In 2019, severe convective storms and severe weather drove almost $23 read the full article →