severe thunderstorm

Another devastating hailstorm has struck Texas, the fourth major insurance and reinsurance loss in a month, with an April 12th hail storm striking the San Antonio area set to become the biggest hail insurance loss in the state’s history and push recent insured losses towards $3 billion or higher.

The Insurance Council of Texas reports that for the third time in a month severe hail storms and damaging winds have impacted cities in the state. The Insurance Council also revealed that insurance and possibly reinsurance industry losses from the previous two events could hit $1.3 billion.

Insurance and perhaps reinsurance industry losses from recent hail storm damage in Texas, suffered during outbreaks of severe convective weather in the last two weeks, has reached at least $1.1 billion, according to the Insurance Council.

The United States has suffered another week of severe weather which looks set to result in another billion dollar plus toll for the economy and hundreds of millions of dollars of losses for insurance and reinsurance firms, according to Aon Benfield’s Impact Forecasting unit.

Hail storms caused by severe thunderstorms in the Dallas and Fort Worth area of Texas on Thursday 17th March 2016 are now expected to result in over $600 million of insurance claims, according to the states Insurance Council.

Widespread flooding and severe convective thunderstorm weather in the U.S. over just the last week is expected to result in an economic loss of over $1 billion and insurance or reinsurance industry impact in the hundreds of millions of dollars, according to Aon Benfield.

The threat of losses from severe thunderstorms and resulting hail, flooding, and wind gusts are on the rise warns Munich Re, meaning insurers, reinsurers, and insurance-linked securities (ILS) funds’ exposure to the peril is increasing.

A new, U.S. severe thunderstorm (STS) scenario model has been launched by Aon Benfield’s catastrophe model development team, Impact Forecasting, which will assist sponsors and investors in the catastrophe bond space to better understand U.S. thunderstorm risks.

The recent outbreaks of severe weather in the U.S., which has featured severe thunderstorms, tornadoes, heavy snow, ice and flooding, will result in economic losses of over $1 billion and take the economic loss total from severe thunderstorms to above average for 2015.

The insurance industry loss toll from convective storms, so severe thunderstorms, tornadoes and hail, and the flooding they have caused in recent weeks has jumped again to reach $4 billion, according to Aon Benfield’s Impact Forecasting unit.