Storms in April, mostly throughout the U.S. Southeast, are expected to cause insured losses of around $4 billion—possibly as high as $5.5 billion, according to recent estimates.
AIR, measuring the weather events that occurred from April 22-28, says losses will be between $3.7 billion and $5.5 billion. The Boston-based catastrophe-risk modeling firm says the estimate includes residential, commercial, industrial and automobile damage, as well as additional living expenses and business-interruption losses.
Aon Benfield, meanwhile, says at least five severe weather-related events in April will cause insured losses of more than $4 billion.
Previously, EQECAT put insured losses in a range of $2 billion to $5 billion.
The National Oceanic and Atmospheric Administration says at least 305 tornadoes hit the U.S. April 25-28—making it the largest outbreak in history.
Nationwide Insurance says it has received more than 50,000 claims in North Carolina from a series of tornadoes that struck the state the weekend of April 15. Nationwide is the state's largest writer of personal-lines insurance.
Mark Thresher, chief financial officer, says Nationwide's property and casualty operating income next quarter "will be challenged due to a surge in claims driven by severe spring weather across most of the country."
Allstate Corp. says it has received more than 100,000 claims and estimates April losses for its Allstate and Encompass brands at about $1.4 billion. Liberty Mutual Group says it expects the storms to cause between $350 million and $450 million in losses.
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