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Spring storms are expected to cost insurance companies over $ 1B: Aon



Insurance companies are expected to pay over $ 1 billion in insured losses due to severe storms, including hail, thunderstorms and tornadoes across the United States in April, according to a report from Aon PLC.

Almost 250 tornadoes affected in the US in April 2019, the highest figure for that month since 2011, led to multi-billion dollar financial losses, according to Aon PLC's global catastrophe repair.

One of two major tornado outbreaks in April swept across the southern and eastern parts of the United States on April 13-15, causing at least nine deaths and widespread damage, the report said.

This outbreak was marked with 70 tornado touchdowns, up to baseball-sized hail and damaging, line winds swimming to 1

00 miles per hour over the most severe parts of Texas, Louisiana, Arkansas, Mississippi, and into the Midwest, Southeast and Mid-Atlantic , bringing total economic losses of up to $ 925 million with insurance replacing about $ 700 million.

Two days later, the second major tornado outbreak occurred in central and eastern United States on April 17-19, which led to at least four deaths, the report said.

This outbreak, line winds and large hail, saw at least 96 tornadoes over a dozen states, nearly half of which were recorded in the Mississippi, causing total economic losses in hundreds of millions of dollars, with a majority expected to be insured, Aon said. [19659002] Southeast Asia had also suffered from severe thunderstorms that resulted in softball size and harmful, straight winds on April 5-8, according to the report. Texas saw the most significant hail damage, with other parts of Louisiana, Mississippi and Alabama also hit and total financial losses of $ 250 million and up, with insurers covering about $ 190 million, the report said.

"April is often defined by severe convective storms across North America. While thunderstorms produced remarkable tornado, hail and non-tornadic wind damage in the United States, there was a particular focus on extensive flooding in the US and Canada. including those in Missouri, Mississippi, St. Lawrence, Ottawa and Saint John River Basins – have once again exposed the existing security gap in mature insurance markets to a specific danger, "says Steve Bowen, director and meteorologist at Aon's Impact Forecasting team.

"Establishing best practices for understanding flood risk and further encouraging insurance uptake should help to lower this gap and minimize the financial burden on the people concerned." [19659002] Also noticeable during the month was a wave of severe weather, including 17 tornadoes , harmful winds and lightning strikes that struck parts of the plain and southeast 23-25 ​​April, Aon said in the report. Texas and Louisiana should suffer the effects, and total economic losses were expected to reach hundreds of millions of dollars, with insurers covering most of the costs, Aon said.

Another storm storm saw tornado touchdowns and urgent flooding over parts of the plains, midwest and southeastern April 30 to May 2, resulting in at least five deaths, the report said. More than 41 confirmed tornadoes were quoted in Oklahoma, Texas, Missouri, and Arkansas with a river flood emergency declared in Davenport, Iowa, after a race failed along the Mississippi River and further flooding in Illinois, Missouri, and Kansas. The total economic losses were expected to reach in hundreds of millions with most of the unsafe claims insured, the report noted.

Elsewhere in April, the heavy rainfall in Rio de Janeiro in Brazil resulted in at least 10 deaths and injuries to residential and commercial real estate, vehicles, and infrastructure, resulting in financial damage forecasts in the million dollars that Aon said. [19659002] Parts of South Africa were also hit by extensive floods and mudslides after heavy rainfall, leading to 87 deaths and "remarkable damage" to local infrastructure, the report noted. In Durban alone, the financial cost was ZAR660 million ($ 50 million), Aon said.

                    


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