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Impacts from severe convective weather, thunderstorms, tornadoes and hail in the United States during May 2019 looks set to result in somewhere around $2 billion or more of economic costs, with most of the wind and hail loss falling to re/insurance capital.

For the second week in a row, a convective weather setup across much of the United States has driven severe thunderstorms, tornadoes, large hail, damaging winds and resulted in flooding, all of which is expected to drive more than a $1 billion of losses, the majority of which will fall to insurance and reinsurance capital, […]

Tornadoes that struck the U.S. in recent days, as well as strong and damaging winds and large hail, are expected to drive billions of dollars more in economic costs, as 2019 now moves above the long-term average in terms of the number of tornadoes counted by NOAA.

The U.S. National Weather Service (NWS) Storm Prediction Center is warning of an outbreak of dangerous tornadoes, severe thunderstorms, large hail and high winds for parts of the southern Plains, with a particular focus around north Texas to Oklahoma City.

According to new research from catastrophe risk modelling specialists Karen Clark & Company, annual expected insured losses for the severe convective storm (SCS) peril in the United States are now approaching $25 billion, which is higher than hurricane and earthquake perils combined.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) has announced the launch of a new severe convective storm risk model which shows that average annual losses caused by this peril are nearing $20 billion, which is higher than both hurricanes and earthquakes combined.

Global severe convective storm activity in July resulted in another billion dollar plus bill for insurance and reinsurance capital to pay, as severe thunderstorm, tornado, hail, rainfall and wind caused by convective activity, resulted in over $1.3 billion of insured losses worldwide.

The insurance and reinsurance industry is already facing an $11 billion bill for U.S. severe convective storm losses suffered during the first-half of 2016, as tornadoes, hail and straight-line winds impacted the country, with Texas particularly hard hit.

Global natural disasters and severe weather events are expected to cost the insurance and reinsurance industry at least $7 billion in May, as the Fort McMurray wildfire, European and U.S. severe weather ramp up industry losses.

Insurance industry losses from recent floods in Germany will likely reach the EUR 1 billion ($1.14 billion) point, according to Fitch Ratings. The losses may weaken the underwriting profitability of the sector and, on top of losses in France and other European countries, are likely to hit some reinsurance layers.