Winter storms that delivered major snowfalls across the U.S. fueled P&C insurers' cat-loss concerns in February—but the resulting level of claims proved to be modest, says Aon Benfield in its latest Global Catastrophe Recap.
Severe winter weather and flooding produced the largest global loss events, says Steve Jakubowski, president of Impact Forecasting, Aon Benfield's catastrophe modeler, "with the United States being particularly impacted by a series of powerful winter storms."
While the damage was widespread, economic losses across the affected U.S. states "were within the expected range for events of this magnitude, and, in some cases, insured losses were actually lower than might have been expected," he adds.
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