Total economic and insured losses from severe weather will reach into the billions after severe thunderstorms, flooding and wildfires plagued the month of May, according to a report released Wednesday from Aon Benfield.
“Two separate major outbreaks of severe weather affected the United States, including a seven-day stretch that saw at least 164 people killed and more than 1,300 others injured,” the report states, adding that the EF-5 in Joplin, Missouri would be considered the single deadliest U.S. tornado to occur since the National Weather Service started keeping official statistics in 1950.
Aon’s May Catastrophe study details the harrowing month of natural disasters.
Flooding in the U.S. Mississippi River Valley caused major agricultural losses, with the report citing the American Farm Bureau Federation as saying over 3.6 million acres of farmland may were damaged with total economic losses reaching $5 billion, and insured crop losses totaling $1 billion.
Wildfires across Alberta, Canada in May could also become that country’s costliest wildfire event on record, with $206 million in insured losses.
South America also saw major losses, with flooding continued to in Colombia that was responsible for a death toll 116 and submerging 2.5 million acres of land that resulted in a total economic impact that could reach $85 billion.
