Dallas-Area Tornadoes Account for a Big Chunk of December Insured Losses in U.S.

January 7, 2016

A recently released report shows that damage estimates from the natural disaster events that occurred in the United States in December 2015 will amount to more than $4 billion.

Aon Benfield’s catastrophe model development team, Impact Forecasting, Global Catastrophe Recap report, evaluates the impact of the natural disaster events that occurred worldwide during December 2015. Preliminary estimates included in the report suggest that total economic losses from the weather events during the December will exceed $4.0 billion in the United States, with insured losses likely to approach or exceed $2.0 billion.

Those figures include the $1.2 billion in insured losses that the Insurance Council of Texas has estimated for the Dallas metropolitan area alone.

A complex weather pattern across the United States during the final 10 days of 2015 led to extensive damage as a result of violent tornadoes, historic flooding, record snowfall, hail and damaging winds.

At least 64 people were killed. Parts of the Midwest, Plains, Southeast, Rockies and Northeast were all impacted by the inclement weather, though the states of Missouri, Texas, Illinois, Arkansas, Oklahoma, Mississippi, Tennessee, Alabama, Kentucky and Indiana were among the hardest-hit.

In total, at least 58 tornadoes touched down (including two rated EF4). Catastrophic tornado damage was noted just east of the Dallas, Texas, metro region.

Relentless rainfall also led to historic flooding in the Mississippi Valley and Midwest that saw rivers cresting at or above historic heights previously set in 1993, 2008 and 2011.

Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.

Source: Aon Benfield

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