Public and private insurance companies expect to pay up to $ 1 billion in receivables as a result of floods in the US Midwest following severe spring storms, Aon PLC said in its global disaster recovery in March 2019.
Serious river floods swept across Missouri and Mississippi Basins through March 28, flooding parts of Nebraska, Iowa, Kansas, Missouri, Illinois, Wisconsin, Minnesota and South Dakota in the wake of an expansive spring storm system from March 12-14 including heavy snowfall periods, heavy rainfall, record temperatures, severe snowfall thunderstorms and hurricane-power optic winds from the Rockies to the Upper Midwest.
Insurance companies are expected to cover about $ 1
In the north, Aon said insurers paid up to $ 60 million ($ 45 million) of total economic losses estimated at up to $ 150 million ($ 110 million) as a combination of heavy rain, warming temperatures, and melting snow led to remarkable flooding throughout parts of southern Ontario and southwestern Quebec in Canada on 9-11 March. The floods were exacerbated by the presence of an abnormally large snow pack, according to Aon.
Globally, floods have been estimated to have caused about $ 8 billion in financial damage in March, Aon says.
Financial and insured losses expected by the hundreds of millions of euros that Windstorm Eberhard swept through parts of Western and Central Europe on March 10, caused extensive damage and disturbances and became the most costly event of the wind storm season 2018-1919 in Europe.
Total financial and insured losses are expected to exceed € 100 million ($ 115 million) after Windstorm Freya has had moderate impacts on parts of France, Germany and the Benelux countries in Belgium, the Netherlands and Luxembourg on March 3-5, with the greatest damage from fallen trees and power lines on properties and vehicles.
"The major disaster events in March highlighted the continuing vulnerabilities that exist in both developed and emerging markets," Michal Linc, senior disaster analyst at Aon Impact Casting Unit, said in a statement with the report.