US Storms in May to Cost Billions
According to Aon’s latest global catastrophe recap, insurers will make a multibillion-dollar payout as a result of severe convective storms across much of the United States in May, including more than 362 tornadoes. This marks the highest tally for this month since 2015.
“Severe convective storms have resulted in at least $10 billion in U.S. insurance payouts annually since 2008, and we are likely headed towards a 12th consecutive year,” said Steve Bowen, director and meteorologist at Aon’s Impact Forecasting. Record-breaking rainfall in Oklahoma and Kansas also resulted in historic flooding throughout the Arkansas river basin as well as flooding in the Missouri and Mississippi river basins, adding hundreds of millions in economic losses.