March turned out to be a very costly month globally, as latewinter weather caused billions of dollars in economic lossesworldwide.

U.S. insurers were hit with about $150 million in losses fromone storm system alone, says Aon Benfield.

In its March 2013 Global Catastrophe Recap, thereinsurance intermediary says an active weather pattern betweenMarch 18 and March 20 brought severe thunderstorms and heavysnowfall across the Eastern U.S.—spawning tornadoes, softball-sizedhail, damaging winds and heavy snowfall. The storm system produceda derecho—an intense squall line—across the Southeast, causingwidespread damage.

Aon Benfield put the insurance loss from the storm at around$150 million and economic loss in excess of $250 million.

Mississippi took the brunt of the storm system with 50,000insurance claims, Aon Benfield reports. The state's insurancedepartment issued a report earlier this week saying it expects theclaim figure to eventually reach 60,000. Damaged automobilesaccounted for most of the claims, as insurers paid out more than$25 million in the Magnolia State, according to the insurancedepartment.

Winter weather across Central and Eastern U.S. in early Marchcaused nearly 4,000 flight cancellations and more than 260,000power outages. Economic losses were roughly $50 million, and thestorms accounted for five deaths.

The month finished out with a winter storm extending from theRocky Mountains to the East Coast between March 23 and March 25.Heavy snow totals in some states approached 20 inches and causedtravel delays and power outages. Claim and economic losses are yetunknown, Aon Benfield says.

On the Other Side of the Atlantic

Europe took the brunt of March winter storms, producing morethan 150,000 insurance claims and $1.8 billion in economiclosses.

The region suffered through an extended period of heavysnowfall, sub-freezing temperatures, high winds, ice and flooding.The hardest hit areas were northern France, Germany and Ukraine,where snow accumulations topped 20 inches. France suffered totaleconomic losses of an estimated $914 million, with more than100,000 auto claims totaling $131 million in insured losses. Atleast 30 fatalities were weather related.

Steve Jakubowski, president of Impact Forecasting, AonBenfield's catastrophe modeler, says despite the extended winterweather events for the first quarter of this year, the volume oflosses did not overwhelm the insurance industry.