CONVECTIVE STORMS IN US COST RE/INSURERS $13BN THROUGH MAY

Severe convective storms generated more than $1bn in insured damage during May, driving total insured losses from the peril for the year to date to more than $13bn, Aon’s Impact Forecasting catastrophe modeling unit has reported. While three storms in May featured damaging straight-line winds, the bulk of the losses was caused by hail, particularly in and around the Texas cities of San Antonio and Lubbock and in Seminole County, Florida. Losses through May have put 2020 well on its way toward matching the nearly $23bn in insured losses from convective storms seen last year, the $15bn in losses posted in 2018 and the more than $20bn in losses of 2017. This year already has become the 13th consecutive year with at least $10bn in convective storm losses.