severe thunderstorm

Insurance industry losses from severe thunderstorms, tornadoes and flooding in the U.S. during May is expected to surpass $1 billion, according to Aon Benfield’s catastrophe modelling unit, Impact Forecasting.

Insurance industry losses from U.S. severe thunderstorms, so including hail and tornado events, are estimated to have reached $3.1 billion by mid-May and are expected to spike sharply higher, given the widespread impacts of extreme weather in recent days.

Insured losses from outbreaks of severe thunderstorms in the U.S. in April are expected to reach $2 billion, according to an estimate from reinsurance broker Aon Benfield’s risk modelling unit Impact Forecasting.

2014 is on course to be one of the lowest years for U.S. tornado activity on record. The number of tornadoes recorded so far throughout the states is below the absolute minimum ever recorded and roughly half the amount recorded in 2011.

A new piece of insurance industry research, announced today by Verisk Climate a division of Verisk Analytics, seeks to explain the changing frequency of severe thunderstorm weather events in the U.S.

Catastrophe risk modelling firm AIR Worldwide has released an updated version of its Severe Thunderstorm Model for the U.S., along with the industry’s first fully probabilistic Crop Hail Model, also for the United States.

A recent study conducted by reinsurance giant Swiss Re uses logic-based methodology to predict the potential financial impacts of tornadoes on large US cities to the insurance and reinsurance industry.

Insured losses from severe convective weather, including tornadoes, severe thunderstorms and hail, in the United States continue to rise in 2014, with the total now estimated to have reached an insurance industry loss of $5.5 billion by Impact Forecasting.

Last week we added a new page to Artemis, under the Catastrophes tab above, providing sources of data to help you track the development of the U.S. tornado and severe thunderstorm season, one of the perils that catastrophe bonds and ILS have exposure to.

Insurance industry losses from hail storms and extreme hail events are rising, with recent storms showing that hail should no longer be considered just an attritional loss causing peril, according to risk modeller RMS.