Q1 insured cat losses reach $15bn: Aon

Aon estimates that first-quarter insured natural catastrophe losses reached $15bn, which is close to the period’s 10-year average, with total economic losses hitting $65bn.

Most of the insured loss was in the US (58%) and Europe, Middle East and Asia (25%), its report says.

Aon explains that insured losses in excess of $3bn are expected from an outbreak of severe convective storm activity in the US in early March.

It adds that there were “unprecedented” weather-related losses in New Zealand during a four week period in Q1, including the Auckland flooding and Cyclone Gabrielle, that are expected to cause nearly $2bn of inured loss.

The Insurance Association of Turkey has estimated losses of $3.9bn for private insurers from the quake that struck in February.

Aon cautioned in its report that “robust” loss development is expected to continue throughout the rest of this year.

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