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US weather losses approach $20bn for 2021 after loss-hit October: Aon

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Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.

The broker said a series of severe weather events during the month resulted in multi-billion-dollar economic losses in the US.

The natural disasters included a prolific heavy rainfall event along the US West Coast, as well as heavy rainfall that caused flash flooding near Birmingham, Alabama.

In the Southern Plains and Midwest, a late-season severe weather outbreak saw large hail, damaging winds and tornadoes, resulting in economic losses of at least $300mn, most of which was covered by insurers.

Meanwhile in Australia, thunderstorms in South Australia, Victoria and Tasmania in late October caused total economic losses estimated at more than $100mn.

Aon senior catastrophe analyst Brian Kerschner said: “October is typically considered a ‘second season’ for severe weather in the United States, as it marks a transition from summer warmth to cooler autumn temperatures.

“This year saw one of the highest tornado tallies for the month on record as it added to what is shaping up to be another year with insured losses exceeding $20bn.”

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