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US insurers face multi-billion-dollar payout over May storms

June 11, 2021

Re/insurance broker Aon has reported that US re/insurers will likely face a multi-billion-dollar payout over a series of convective storms in May that resulted in extensive hail, tornado, wind and flood damage.

Of note was a severe storm that swept across the Plains, Lower and Middle Mississippi Valley, Southeast and Mid-Atlantic sections of the country from May 3rd to 5th.

Total combined economic losses are anticipated to exceed $850 million, with most of the hail and wind-related damage being insured.

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