It's no secret that 2011 was a record year for catastrophe loss: Carriers incurred $380 billion in losses compared to the previous high of $220 billion in 2005. In addition to unprecedented triple-digit heat and drought, the number of severe natural catastrophes globally was unparalleled.
2012 has not yet proven to be quite as extreme as 2011, but significant global insured losses are already accruing. According to Aon Benfield, losses for the month of April are close to $1 billion, with a significant contribution from U.S. storms and twisters. May is typically the most active tornado month of the year in the U.S., and the potential for greater losses like those seen in 2011 still exists.
With the possibility that thunderstorms, tornadoes and hail are either increasing in frequency and severity or migrating locations in which they most commonly occur, carriers and reinsurers are expressing the need to become more aware of weather trends.
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