Lloyd’s managing agent Argenta says the freak tornado outbreak which devastated multiple US states over the weekend could drive industry losses as high as $7 billion.
Analysts believe the most suitable comparison to a past event is a derecho that hit Iowa in 2020.
A derecho is essentially an inland hurricane consisting of fast moving thunderstorms. The one which impacted Iowa and beyond two years ago left 300,000 homes without power and, according to Swiss Re’s Sigma Research, racked up an insurance bill of $7 billion.
