Total aggregated economic losses in the U.S. from severe weather in May was set to exceed $4 billion, while public and private insurers faced a combined payout approaching $3 billion, according to Aon Benfield's Global Catastrophe Recap report. These totals may change as further assessments are conducted.
The report reveals that several major outbreaks of severe weather swept across central and eastern sections of the United States during the month, causing extensive damage through large hail, straight-line winds, tornadoes and isolated flash flooding.
The most prolific event occurred in the greater Denver, Colorado metro region, where damage from up to softball-sized hail led to insurance payouts of more than $1.4 billion in the state alone. Significant damage from severe storms was also cited in parts of the Plains, Midwest, Southeast, and the Mid-Atlantic.
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