# Early start to severe weather season takes its toll on US economy in February
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-03-11
Category: INSURANCE
Category URL: https://financedigest.com/category/insurance
Meta Title: Severe Weather Events Cause USD1.0+ Billion Insurer Toll
Meta Description: See the latest Global Catastrophe Recap report by Aon Benfield, revealing the impact of natural disasters in February 2017. Learn about major losses and trends
URL: https://financedigest.com/early-start-to-severe-weather-season-takes-its-toll-on-us-economy-in-februaryhtml

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Insurers face USD1.0+ billion toll from severe weather events in [Australia](https://www.financedigest.com/worldpay-heads-down-under-with-australia-licence.html) and the US

[Impact Forecasting](http://www.impactforecasting.com/), Aon Benfield’s catastrophe model development team, today launches the latest edition of its monthly [Global Catastrophe Recap report](http://aon.io/2n2RBMR), which evaluates the impact of the natural disaster events that occurred worldwide during February 2017. [Aon Benfield](http://www.aonbenfield.com/) is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The report reveals that five outbreaks of severe weather hit the United States during February, one of which comprised 60 confirmed tornado touch-downs in the Midwest, Southeast, and Mid-Atlantic. Among the hardest-hit states were Illinois, Missouri, Indiana, Arkansas, Kentucky, and Tennessee, as large hail and damaging winds also caused substantial impacts to homes, businesses, vehicles, and other structures. Total economic and insured losses from this one event were minimally estimated in the hundreds of millions of dollars (USD).

Meanwhile, Windstorm Thomas became the costliest European windstorm of the year when it struck Western and [Central Europe](https://www.financedigest.com/analysis-runaway-prices-have-central-europe-on-the-ropes.html "Analysis-Runaway prices have central Europe on the ropes"), killing three people. Preliminary insured loss estimates were above EUR100 million (USD105 million) in both the UK and Germany.

Elsewhere, a series of [powerful thunderstorms tracked through regions of New South](https://www.financedigest.com/iot-platform-wells-up-south-africas-silulumanzi-water-utility-power-asset-management-savings-and-monitoring.html "IoT Platform Wells Up South Africa’s Silulumanzi Water Utility Power Asset Management Savings and Monitoring") Wales, Australia, including the Greater Sydney Metro Area, leading to widespread damage and disruption. The Insurance Council of Australia and local [insurers](https://www.financedigest.com/different-countries-different-insurance-cultures-how-insurers-can-adapt-their-products.html "insurers") reported that at least 48,000 claims had been filed with payouts of at least AUD330 million (USD250 million). Economic losses were even higher.

Claire Darbinyan, Associate Director and Meteorologist, said: “While the United States endured another active and costly month from severe thunderstorms, it was not the only region coping with major losses from the peril. [Australian](https://www.financedigest.com/worldpay-heads-down-under-with-australia-licence.html) [insurers continue to take stock](https://www.financedigest.com/european-stocks-extend-record-rally-on-lift-from-insurers-ma-activity.html "European stocks extend record rally on lift from insurers, M&A activity") following a major hail event in New South Wales, including the greater Sydney metro region. Given further growth of exposures, hail events will remain a major focus of the [insurance industry](https://www.financedigest.com/nine-predictions-for-the-insurance-industry-in-2022.html "Nine predictions for the insurance industry in 2022"). Impact Forecasting continues to explore opportunities to model this peril to help clients better understand their risks.”

Other natural hazard events to have occurred worldwide during February include:

- California storm systems killed at least eight people and caused hundreds of millions (USD) in damages. One [event saw the evacuation of 200,000 residents as Lake Oroville reached](https://www.financedigest.com/how-to-expand-business-reach-with-event-driven-apis.html "How to expand business reach with event driven APIs") full capacity.
- Two US [winter weather](https://www.financedigest.com/winter-weather-could-be-mild-german-met-office-dwd-says.html "Winter weather could be mild, German met office DWD says") outbreaks caused widespread disruption in the Mid-Atlantic and Northeast.
- Major flood events occurred in Peru, Chile, Zimbabwe, Indonesia, and [Australia.](https://www.financedigest.com/worldpay-heads-down-under-with-australia-licence.html)
- Winter storms in [Afghanistan and Pakistan triggered avalanches that killed more than 200 people](https://www.financedigest.com/australia-says-it-has-evacuated-26-people-from-afghanistan-in-first-flight.html "Australia says it has evacuated 26 people from Afghanistan in first flight").
- Cyclone Dineo made landfall in Mozambique, killing at least seven people and injuring 101 others. More than 105,000 homes and 2,000 other [buildings were damaged or destroyed while flooding devastated the local](https://www.financedigest.com/ecommerce-localization-specialist-reach-builds-unstoppable-momentum-with-new-senior-appointments-and-canadian-office-move.html "Ecommerce localization specialist, Reach, builds unstoppable momentum with new senior appointments and Canadian office move") agricultural industry. Economic [losses were listed at MZN1.2 billion](https://www.financedigest.com/orpea-slides-to-annual-loss-of-4-billion-euros-on-asset-depreciation.html "Orpea slides to annual loss of 4 billion euros on asset depreciation") (USD17 million).
- An [outbreak of wildfires in Australia’s New South Wales was sparked amid](https://www.financedigest.com/tissue-cultured-date-palm-market-pegged-at-us-4-5-bn-value-pool-in-2027-import-export-activities-take-a-downturn-amid-coronavirus-outbreak-future-market-insights.html "Tissue Cultured Date Palm Market Pegged at US$ 4.5 Bn Value Pool in 2027; Import & Export Activities Take a Downturn Amid Coronavirus Outbreak: Future Market Insights") record-breaking heatwave conditions. More than 100 homes and other structures were damaged or destroyed. The Insurance Council of Australia [reported that insured losses](https://www.financedigest.com/yen-stems-losses-after-report-of-boj-rate-check-hints-on-intervention.html "Yen stems losses after report of BOJ rate check, hints on intervention") minimally reached AUD20 million (USD15 million).
- A magnitude-6.5 earthquake struck the southern Philippines killing eight people and injuring hundreds more. Thousands of homes were damaged or destroyed as economic losses were listed at PHP720 million (USD14 million). A further PHP2.0 billion (USD40 million) was made available for repairs.

To view the full [Impact Forecasting February 2017 Global Catastrophe Recap report](https://www.financedigest.com/industrial-catalytic-converter-market-size-share-forecast-report-2027-covid-19-impact-analysis-fmi.html "Industrial Catalytic Converter Market Size, Share, Forecast Report – 2027 – COVID-19 Impact Analysis | FMI"), please follow the link:

[http://aon.io/2n2RBMR](http://aon.io/2n2RBMR)

Along with the report, users can access current and historical natural catastrophe data and event [analysis on Impact Forecasting’s](https://www.financedigest.com/covid-19-impact-on-attitude-and-heading-reference-systems-market-volume-analysis-future-prediction-industry-overview-and-forecast-2028.html "Covid-19 Impact On Attitude and Heading Reference Systems Market | Volume, Analysis, Future Prediction, Industry Overview And Forecast 2028") Catastrophe Insight website, which is updated bi-monthly as new data become available:

http://catastropheinsight.aonbenfield.com


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