February’s catastrophe losses to hit over $1 billion for reinsurers

The US, Europe and Australia sustained major losses due to adverse weather events

February’s catastrophe losses to hit over $1 billion for reinsurers

Catastrophe & Flood

By Allie Sanchez

The insurance and reinsurance industries footed a hefty bill last month as adverse weather conditions descended across portions of the globe.

Thunderstorm type weather, windstorms and hailstorms that hit three continents in February amounted to an additional $1 billion in insurance market losses.

According to an Artemis report on a forecast from Aon Benfield risk modelling unit Impact Forecasting, the US will have to recover from damage to homes, businesses, vehicles and other structures as a result of 60 confirmed tornado touch downs in the Midwest, southeast, and mid-Atlantic.

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Meanwhile, the UK and Germany will have to deal with the $105 million estimated losses from windstorm Doris.

In Australia, potent thunderstorms which led to hailstorms in New South Wales, caused widespread damage and disruption. 


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