USA - Convective storm insured losses hit $11bn
Saturday, 06 25 2016, Category: Insurance and Reinsurance, Country: United States
The insurance and reinsurance industry is already facing an $11 billion bill for U.S. severe convective storm losses suffered during the first-half of 2016, as tornadoes, hail and straight-line winds impacted the country, with Texas particularly hard hit.
Severe convective storms, or severe thunderstorm related weather, has been a driver of significant insurance and reinsurance industry losses across the United States in recent years.
It’s an increasingly important peril and source of loss for the insurance-linked securities (ILS) market as well, with catastrophe bonds regularly providing coverage, while private ILS and collateralized reinsurance are often on a multi-peril basis covering convective storm risks along with other perils.