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Insurance Costs for December Weather in U.S. Could Top $2 Billion: Aon

By Insurance Journal | Jan 6, 2016
Insurance Costs for December Weather in U.S. Could Top $2 Billion: Aon image

Total economic losses from the weather events in the U.S. during the month of December will exceed $4 billion, with insured losses likely to approach or exceed $2 billion, according to reinsurance intermediary Aon Benfield’s Impact Forecasting.

The severe weather pattern resulted in at least 58 tornado touchdowns, historic flooding in the Mississippi Valley and Midwest, and record snowfall and ice that led to extensive travel disruption, as well as hail and damaging winds.

Aon’s December catastrophe report reveals that a complex weather pattern impacted multiple regions of the United States, killing at least 64 people. Parts of the Midwest, Plains, Southeast, Rockies and Northeast were all impacted by the inclement weather, though the states of Missouri, Texas, Illinois, Arkansas, Oklahoma, Mississippi, Tennessee, Alabama, Kentucky and Indiana were among the hardest-hit.

The Insurance Council of Texas reported losses of $1.2 billion in the Dallas metropolitan area alone.

Photo caption: A car sits on the front lawn of a home Monday, Dec. 28, 2015, in Garland, Texas. Residents surveyed the destruction from deadly tornadoes in North Texas as the same storm system brought winter woes to the Midwest, amplifying flooding that has been blamed for more than a dozen deaths and hundreds of flight cancellations. (G.J. McCarthy/The Dallas Morning News via AP.)