Arthur J. Insured losses from the severely contagious hurricane that hit Central America on April 25-28 are expected to reach $1 billion, according to a report Wednesday from Gallagher Re, the reinsurance arm of Gallagher & Co.
The tornadoes caused significant damage across parts of Nebraska, Iowa, and Oklahoma as eight tornadoes reached EF3 or higher intensity, including an EF4 near Marietta, Oklahoma. At least 106 tornadoes struck nine states in late April, the report said.
This adds to an already busy year for natural disaster activity and insured losses in the first quarter are expected to be minimal $20 billionMost of which is due to SCS activity and hailstorms.
“U.S. SCS activity through April has resulted in at least $14 billion in insured losses, and this total will continue to grow as damage surveys continue and insurers continue to process claims during a period of higher than average SCS activity over the past four months ” Steve Bowen, Chicago-based chief science officer of Gallagher Re, said in a statement.
He said the U.S. is on track to reach the $20 billion insured SCS deficit threshold for the ninth consecutive year, which he called the “new normal.”
