March turned out to be a very costly month globally, as late winter weather caused billions of dollars in economic losses worldwide.
U.S. insurers were hit with about $150 million in losses from one storm system alone, says Aon Benfield.
In its March 2013 Global Catastrophe Recap, the reinsurance intermediary says an active weather pattern between March 18 and March 20 brought severe thunderstorms and heavy snowfall across the Eastern U.S.—spawning tornadoes, softball-sized hail, damaging winds and heavy snowfall. The storm system produced a derecho—an intense squall line—across the Southeast, causing widespread damage.
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